Functions & Responsibilities
The Finance Commission 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. These three agencies are housed in the State Finance Commission Building at 2601 North Lamar, Austin, TX 78705. The Commission appoints the commissioners of these three agencies. The Commission is required to meet at least six times annually and the dates of its future meetings are noted on this website. All meetings are subject to the Open Meetings Act and are posted approximately seven days in advance in the Texas Register.
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 theTexas 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 commission members appoint one of the agency commissioners to serve as Executive Director to the Finance Commission. Commissioner Charles G. Cooper, Texas Department of Banking, was appointed to serve as the Executive Director effective May 1, 2014.
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.
You may reach the Finance Commission members by corresponding with the Commission's headquarters office, or by contacting the Executive Director, both at 2601 N. Lamar, Austin, Texas 78705, (512) 936-6222.