Texas House Bill HB2982

Texas 2011 - 82nd Regular

• Out of House Committee: 5/6/11
• Voted on by House: 5/12/11
• Out of Senate Committee: 5/18/11
• Refer: 5/13/11
• Report Pass: 5/18/11

Caption

Relating to the composition of the Finance Commission of Texas.

Impact

The revisions made by HB 2982 have the potential to impact existing state financial laws by diversifying the expertise represented in the Finance Commission. By ensuring that the commission has representation from various sectors of the financial industry, the bill could promote more informed decision-making and oversight of banking and mortgage practices in Texas. This is viewed as a necessary adaptation to the evolving financial landscape and the complex challenges faced by the industry.

Summary

House Bill 2982 amends the composition requirements of the Finance Commission of Texas, specifically redefining the professional backgrounds of its members. The bill stipulates that one member must be a banking executive, another a savings executive, a third a consumer credit executive, and the last a residential mortgage loan originator. This change aims to enhance the expertise and perspective within the Commission, ensuring that it is equipped with relevant financial and regulatory experience important for overseeing Texas's financial institutions.

Contention

While there are no major points of contention directly indicated in the text, changes to the composition of regulatory boards such as the Finance Commission often raise discussions regarding the balance of representation among various financial sectors. Stakeholders may debate whether the specified roles will lead to adequate representation of consumer interests against corporate financial powers. Concerns may arise about ensuring that the Commission acts in the public interest while maintaining effective regulatory oversight.