Enrolled Bill Summary

            Senate Bill 358 amends the Texas Credit Union Act to continue the Credit Union Commission and sets September 1, 2009, as the commission's next sunset review date. The act increases the number of public representatives on the commission by two members and decreases industry representation by the same number, and directs the commission to adopt rules relating to recusal of members. It requires the credit union commissioner to consider the availability and adequacy of financial services in local communities when considering a merger, consolidation, and incorporation; to submit notice of a request for a merger, consolidation, incorporation, or amendment to articles of incorporation, including expanding the field of membership, to the Texas Register; and to accept public comment regarding those decisions. The commissioner may waive the requirement of notice in the Texas Register if waiver is deemed in the public interest. The act requires the sunset commission to evaluate, as part of its review of agencies for 2001, the merits of including the Credit Union Commission under the authority of the Finance Commission of Texas; and directs the credit union and finance commissions to jointly review state law, focusing on differences in authority and methods of regulating the institutions under their control.