Texas Finance Commission sunset bill signed by Gov. Abbott
Posted: May 22, 2019 | Author:
The Finance Commission of Texas completed its review under the Texas Sunset Act. The commission oversees the Texas Department of Banking, the Office of the Consumer Credit Commissioner (the OCCC has a separate sunset bill), and the Department of Savings and Mortgage Lending (DSML). Mortgage CUSOs operating in Texas would continue to be subject to the DSML, as the legislature chose not to implement the sunset staff recommendation to merge the DSML into the Department of Banking.
The Sunset Advisory Commission found that, while these agencies have weathered the storms of the financial crisis well and maintained transparent, accountable practices even with recent decreased legislative oversight after being granted self-directed, semi-independent status, there is a need to increase efficiency in operations and implement certain best practices for oversight. The Commission recommended decreasing unnecessary regulation and implementing standard good government practices to increase licensure efficiency and operational transparency.
The Texas Credit Union Department will go through the sunset process in the 2021 legislative session.
Abbott signed SB 614 on May 7, 2019, and it will be effective Sept. 1, 2019.
Contact Jeff Huffman, Texas Credit Union Association, at 469-385-6488 or [email protected] for more information.
Subscribe
Sign up to the receive the weekly Leaguer email. Existing subscribers can manage their subscription.
