Finance Commission of Texas
Finance Commission of Texas
The Finance Commission of Texas is responsible for overseeing and coordinating the Texas Department of Banking, the Department of Savings and Mortgage Lending, and the Office of the Consumer Credit Commissioner and serves as the primary point of accountability for ensuring that state depository and lending institutions function as a system, considering the broad scope of the financial services industry. The Finance Commission is the policy making body for those agencies and is not a separate state agency. The Commission appoints the commissioners of these three agencies. The Commission is required to meet at least six times annually.
The Finance Commission of Texas is a board of private citizens appointed by and responsible to the Governor of Texas. Originated in 1943, it derives its authority from Chapter 11 of the Texas Finance Code (The Texas Banking Act), and consists of eleven members, subject to Senate confirmation. Members serve overlapping, six-year terms. Effective September 1, 2011, the Commission is to include two state bankers, one state savings and loan executive, one consumer credit executive, one residential mortgage loan originator and six public members, one of whom must be a certified public accountant. The Governor appoints the presiding officer.
The Finance Commission has three standing committees — the Audit Committee, Strategic Planning Committee, and the Study Committee. The Audit Committee receives and acts on reports prepared by the Department’s internal auditor (currently an external CPA firm). The Study Committee oversees the studies conducted by outside parties concerning access to financial services in Texas, high-cost lending in Texas, or other studies as mandated by the Legislature. The Strategic Planning Committee oversees the direction and scope of the agencies’ strategic planning. Various ad hoc committees are appointed by the chairman as needed.
Finance Commission of Texas records
Finance Commission of Texas Records, 1977-2022
Creator: Texas. Finance Commission
Title: Finance Commission of Texas records
Dates: 1977-2022
Abstract: The Finance Commission of Texas is responsible for overseeing and coordinating the Texas Department of Banking, the Department of Savings and Mortgage Lending, and the Office of the Consumer Credit Commissioner and serves as the primary point of accountability for ensuring that state depository and lending institutions function as a system. The commission and its various committees meet regularly to decide upon policy. These records, dating 1977-2022, consist primarily of minutes of those meetings. Also included are packets of various documents sent to commission members before meetings for review, a selection of press releases put out by the commission, and a list of commission members.
