Texas Sen. Bryan Hughes (R-Mineola) championed state and federal credit unions on Tuesday by removing SB 714 from consideration for expedited processing on the Senate's Local and Uncontested Calendar. Had Hughes not removed SB 714 from consideration, it would have passed in the Senate today. Instead, it goes to the full Senate for debate where the Texas Credit Union Association has been working with senators on amending the bill to restore the credit union exemption from the new account requirements.
SB 714 would provide regulatory relief for banks while imposing expensive new requirements on state and federally chartered credit unions when opening new accounts or indirect lending programs.
Credit unions have the opportunity to protect themselves from SB 714, but it requires immediate action by state and federal credit unions to ask their staff, directors, members, friends, relatives, and anyone else who cares about the credit union to email and call their Senator today.
The Texas Senate may consider SB 714 as early as this week.
Credit unions take action here.
See list of Texas Senate phone numbers.
To find the senator that represents the district where your credit union is located, please visit Who Represents Me.
Remember to thank Sen. Hughes and ask the rest of the Senate to vote NO on SB 714.
"Credit unions have been doing a super job contacting many senators," said Texas Credit Union Association President Jeff Huffman. "We hear from many offices about the calls and emails they are receiving from credit union folks, but there are many senators who have received little to no contact from credit unions. It is important that any credit union that has not responded to the legislative alert do so today."
For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or firstname.lastname@example.org.