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Texas House Committee Hears Bills on Investments of Public Funds
Thursday, March 30, 2017 6:55 AM

The Investments and Financial Services Committee met on Tuesday and heard several bills related to the investment of public funds, including three bills by Rep. Phil Stephenson (R-Ft. Bend) updating the Public Funds Investment Act, expanding products that credit unions and banks can offer for public funds investments, and clarifying an attorney general’s opinion regarding the use of Federal Home Loan bank letters of credit as security for public funds.

HB 2647 adds interest-bearing accounts insured by NCUA and the FDIC to the list of authorized investments.

HB 2648 and HB 2928 designate obligations of the Federal Home Loan Banks as authorized investments for a governmental entity and set out the requirements for the share certificates or certificates of deposit held as authorized investments. HB 2648 is clarification of existing law, adding transparency to already followed codes of practice.

All three bills were left pending.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.