Enrolled Bill Summary

Senate Bill 891 amends provisions of the Finance Code relating to the credit union department and regulation of credit unions. The act limits the Credit Union Commission's authority to set compensation to setting compensation of the credit union commissioner and deputy commissioner in accord with the General Appropriations Act, and it applies the Position Classification Act to all other department positions. The act also authorizes the commissioner to enter into agreements with credit union supervisory agencies in other states to effectively regulate credit unions doing business across state lines and to require foreign credit unions operating in Texas to submit certain reports. The act allows the commissioner to file a group return with the Internal Revenue Service for all credit unions under department jurisdiction, allows the department to collect fees other than an examination fee, and provides for the confidentiality of certain information obtained or produced by the commission.