Enrolled Bill Summary

            Senate Bill 1055 amends Finance Code provisions relating to the regulation and operation of credit unions. The act provides that a public member of the Credit Union Commission must not be involved in managing or directing, and may not have a financial interest in, a savings bank. The act allows state credit unions to engage in any activity or exercise any power allowed federal credit unions without the requirement for a specific commission rule authorizing such activity or power. It also deletes a requirement that the name of each beneficiary of a trust account be disclosed to the credit union when the account is opened and allows a credit union to rely on certain information provided by the trustee to determine whether the trust is revocable or irrevocable. It also provides that holders of safe deposit boxes may designate other individuals to have access to and remove contents from a safe deposit box.