Relating to the administration, operation, and regulation of credit unions.
Impact
The bill impacts state laws concerning credit unions by implementing tighter regulations and more robust supervisory practices. It allows the commissioner to establish necessary rules regarding the fees, charges, and revenue that credit unions must pay to support the enforcement of regulations. The introduction of measures to mandate the confidentiality of member transactions is also significant, as it aims to enhance consumer trust and security in financial dealings with credit unions.
Summary
House Bill 3200 addresses the administration, operation, and regulation of credit unions within Texas. The legislation aims to streamline and clarify the duties and powers of credit unions while enhancing consumer protection measures. It modifies various sections of the Finance Code to ensure that credit unions adhere to specific regulatory standards, including provisions for insurance protection of members' deposits, confidentiality of account information, and the establishment of an expense fund for operating costs.
Contention
Notable points of contention within HB 3200 revolve around the extent of regulations imposed on credit unions and the potential implications for their operational flexibility. Critics may argue that certain provisions could limit credit unions' ability to innovate or compete with larger financial institutions, while supporters contend that the regulations are essential for consumer protection and the integrity of the financial system. The bill also outlines compliance measures that could lead to increased administrative burdens for smaller credit unions, raising concerns about their capacity to adapt to these changes.
Relating to the regulation of money services businesses; creating a criminal offense; creating administrative penalties; authorizing the imposition of a fee.
Relating to the authorization, licensing, and regulation of casino gaming and sports wagering in this state, to the creation, powers, and duties of the Texas Gaming Commission, to the support of the horse racing industry and reform of horse racing and greyhound racing, and to other provisions related to gambling; imposing and authorizing administrative and civil penalties; imposing taxes; imposing and authorizing fees; requiring occupational licenses; creating criminal offenses.
Relating to the regulation of sports wagering; requiring occupational permits; authorizing fees; imposing a tax; decriminalizing wagering on certain sports events; creating criminal offenses; providing administrative penalties.
Relating to the transfer of functions relating to the economic regulation of water and sewer service from the Public Utility Commission of Texas and the Office of Public Utility Counsel to the Water Public Utility Commission and the Office of Water Public Utility Counsel; creating a criminal offense.
Relating to the abolition of the Texas Transportation Commission and the creation of the commissioner of transportation as an elected statutory state officer.