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House Bill 2007 |
House Author: Solomons |
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Effective: 9-1-07 |
Senate Sponsor: Fraser |
House Bill 2007 amends the Finance Code to require the Texas Department of Banking to create a financial literacy program to educate state residents about financial matters and encourage participation in the conventional finance system. The bill authorizes the department to establish rules for examining state banks and removes provisions that set out specific examination requirements and permitted the banking commissioner to defer such an examination in some circumstances. The bill makes changes to the amount and type of capital and surplus a state bank may expend on certain investments and loans and authorizes a state bank to pledge its assets to secure a deposit of another state, a federally recognized Indian tribe, or certain other entities. The bill allows a state bank that meets specified criteria to hold nonworking mineral or royalty interests and authorizes the commissioner to order the divestiture of such interests that are considered detrimental to the bank. The bill allows the commissioner to authorize the establishment of temporary bank branches or offices in an emergency and to coordinate with other state or federal agencies or affiliated organizations to restore banking services after such an event.