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CREDIT UNION DEPARTMENT

CREDIT UNION DEPARTMENT. The Credit Union Department was established in 1969 to enforce the Texas Credit Union Act, passed that year by the Sixty-first Legislature. It superseded the Credit Union Advisory Commission established in 1949. That commission was composed of five members, appointed by the governor from a list submitted by credit unions in Texas. Its purpose was to confer with and advise the Banking Commission on policies and problems relating to credit unions. The 1969 act enlarged the Credit Union Commission to six members, who are appointed by the governor, with the concurrence of the Senate, to six-year, overlapping terms. The new commission served as an advisory board to the Credit Union Commissioner, who determined whether applications for charters met the requirements of the Texas Credit Union Act. The legislature added three members in 1981, and the commission's role was changed from advisory to supervisory. Six of the members must be credit union directors, officers, or committee members or have five years' experience in a credit union in Texas. Three members are representatives of the general public and may have no connection, other than as customers, with any credit union. The Credit Union Commissioner is appointed by the commission. He oversees the examination, supervision, and regulation of all credit unions doing business in Texas, except federal credit unions organized under federal law. At the end of 1991 the department had twenty-seven employees, who supervised 357 credit unions, twelve of which were in the process of liquidation. The 345 active credit unions had assets of $5.7 billion. Appropriations for 1992 were $1,257,756 and for 1993, $1,253,997.

John G. Johnson

Citation

The following, adapted from the Chicago Manual of Style, 15th edition, is the preferred citation for this article.

John G. Johnson, "CREDIT UNION DEPARTMENT," Handbook of Texas Online (http://www.tshaonline.org/handbook/online/articles/mccsa), accessed December 28, 2014. Uploaded on June 12, 2010. Published by the Texas State Historical Association.