Texas credit unions have racked up two victories in the state legislature.
Lobbying by the Texas Credit Union League persuaded Rep. Kenny Marchant, chairman of the House Financial Institutions Committee, to shelve a bill that would have eliminated the state franchise tax exemption on state- chartered credit unions. Rep. Marchant struck the bill April 4.
Credit union officials protested the bill in March, arguing that it would encourage credit unions to convert to federal charters and force smaller institutions to merge.
The industy representatives also argued for legislation that would allow state and federal credit unions in Texas to accept deposits from municipalities, counties, school districts, hospital districts, institutions of higher learning, and other designated institutions.
A bill allowing that cleared the House late last month and is expected to pass the Senate soon.