AUSTIN, Texas – A key government advisory panel recommended expanded disclosures for state chartered credit unions Tuesday, passing the recommendations on for action by the state legislature.
The report approved by the Texas Sunset Commission would require more comprehensive financial reporting to members; the names and terms of directors and any changes to the credit union’s bylaws enacted over the previous year.
The panel did not approve an earlier proposal that would have required state chartered credit unions to disclose the annual compensation of top credit union executives.
The Commission also proposed the elimination of the state’s CU Legislative Advisory Panel, reasoning the state’s CU Commission already provides most of the same functions, according to Karen Latta, senior policy analyst for the panel. That recommendation does not require legislative action and will be enacted.
The state CU Commissioner was also awarded new powers by the panel to issue cease and desist orders and to assess penalties for filing late annual fee payments. A recommendation to allow the Commissioner to assess administrative penalties was not approved.
