Cornerstone/TXCUA Hold Virtual Wrap-Up of Texas Legislative Session

Cornerstone League held a virtual call on Monday to brief members about Texas’ 2021 regular legislative session. Following a welcome by Cornerstone League President/CEO Caroline Willard, Texas Credit Union Association Executive Director Gili Carter gave credit union leaders an overview of the political climate and tracked bills in the session.

Close to 6,700 bills were filed in the 87th Texas Legislature. TXCUA identified 791 as relevant to credit unions. Of those, 170 were deemed “high priority.”

Several factors made this an unusual session. The House was electing a new speaker, after the previous speaker had served only a single session, which resulted in new committee assignments. Due to concerns about COVID-19, limitations throughout the session were placed on access to the Capitol, elected officials, and staff. Then in mid-February, Winter Storm Uri and the ensuing Texas power grid failure became another high-priority issue that diverted the legislature’s time and attention.

Cornerstone and TXCUA remained focused on our legislative priorities: ensuring the continuation of the Texas Credit Union Department through the sunset review, protecting our tax status, protecting lienholder interests, mitigating regulatory burdens, and favorably modifying data security interests. Our sunset legislation passed, and TCUD will continue until 2033.

“Only seven of the 16 agencies under review by the Sunset Commission were able to complete their review process,” said TXCUA Executive Director Gili Carter. “The legislature was so busy that it postponed the other agencies for two years. We worked with the Commission to get a very clean bill before the legislature, and the work paid off.”

Legislative Session Wrap-up attendees heard from Regulatory Compliance Counsel Suzanne Yashewski and Associate Regulatory Compliance Counsel Nathan Behncke about some of the most important legislation that passed. Full information on the new laws will be covered in the 2021 Legislative Summary that should be published digitally by the end of July and distributed to all Cornerstone League credit unions in Texas.

The regular session is over but Gov. Greg Abbott plans to hold two special sessions this year. The first 30-day session will begin on July 8, but the governor has not released the list of subjects he will put on the agenda. The other session is for redistricting. It can be held only after the census numbers needed for drawing new maps are released by the Census Bureau, which is expected in late fall.