Texas will keep its independent credit union regulator.
The Texas legislature renewed the department for another 12 years; the bill is on its way for signing by Gov. Rick Perry. The Texas Credit Union League heralded the bill as a win for dual chartering, and said the action should be a factor weighing on the Congress as it considers federal regulatory restructuring, including the NCUA.
The Texas CU regulatory system, separate from that of banks and one of the few of its kind in the nation, has proven highly successful and should provide a model to Congress in protecting members and the public, said the league.
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"There is compelling evidence here, and we hope our Texas congressional delegation will take this model to heart as regulatory restructuring is contemplated this year in our nation's Capitol," said Buddy Gill, chief advocacy officer of the league.
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