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Texas House Votes to Preserve Credit Union Exemption Added in the Senate on New Account Disclosures
Tuesday, May 12, 2015 7:00 AM

Senate Bill 1791 by Sen. Rodney Ellis/Rep. Jessica Farrar (D-Houston) passed the Texas House on Monday, with the exemption that applies to both state and federal credit unions added by the Senate intact. 

The bill adds requirements to new account forms related to POD accounts and, as originally filed, covered all financial institutions. The Texas Credit Union Association worked with Sen. Ellis and Rep. Farrar to add an exemption for credit unions in the bill before it passed the Senate on April 20, 2015.

When the Texas House took up the bill on Monday, an amendment putting the credit unions back into the bill was offered by Rep. Travis Clardy (R-Nacogdoches). Rep. Jessica Farrar (D-Houston), sponsor of the bill in the House, refused to accept the amendment and made a motion to table the amendment. 

Rep. Dan Flynn (R-Van) spoke in support of the motion, saying that the costs to not-for-profit credit unions for the new disclosures were too great and that credit unions deserved the exemption. House members agreed and voted down the amendment 85 to 39. The House then voted to pass SB 1791 by a vote of 118 to 7.

“Texas credit unions once again did a super job of contacting their representatives in response to a legislative alert to support the credit union amendment today,” said Jeff Huffman, president of the Texas Credit Union Association.