REGULATING AGENCY: Texas Credit Union Department
LEAGUE: Cornerstone League
PRIVATE SHARE INSURANCE: YES
STATS: (As of June 2021)
Total Number of Credit Unions: 433
- TOTAL # SCUs: 175
- TOTAL # FCUs: 258
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 40%
Total Assets: $135,026,235,040
- TOTAL $ SCU ASSETS: $54,217,456,423
- TOTAL $ FCU ASSETS: $80,808,778,617
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 40%
Total Members: 9,651,232
- TOTAL Members SCUs: 4,053,820
- TOTAL Members FCUs: 5,597,412
- SCU % OF TOTAL (SCUS/STATE TOAL): 42%
FUN FACT: The phrase “Don’t mess with Texas” originated in 1985 as the slogan for a campaign meant to combat littering. It has gone on to be a very famous line within the state and even appears on the crest of the USS Texas submarine.
On Friday, June 4, 2021, Texas Senate Bill 707 was signed into law by Texas Governor Greg Abbott, extending the Credit Union Department of Texas operations until 2033.
The Texas Sunset Advisory Commission recommended the 12-year extension, stating, “Texas-chartered credit unions have fared well under the state’s current regulatory framework; the Sunset Commission again found the existing organizational structure is the best option and transferring the department would have no benefit at this time.”
John J. Kolhoff, Commissioner of the Credit Union Department, for the state of Texas, commented, “I would like to express my gratitude for the independent review by the Sunset Advisory Commission, the incredible efforts of our staff, the leadership of the Credit Union Commission and the support of the industry.”
Click here to take a look at the stories that have been collected over the years in Texas.
What’s new in your state?
Click here to submit your state-chartered credit union news stories to NASCUS today!