Texas Bank and Trust history

In 1963, the 58th Legislature created the Texas Savings and Loan Department, formerly part of the Banking Department (Art.

In 1969, the 61st Legislature revised the examination frequency applicable to state banks to three times in 24 months and no more, except as otherwise deemed necessary.

In 1974, the Department purchased the building at 2601 North Lamar Boulevard.

In 1980, Article XVI, Section 16, of the Constitution was amended to add bank authority to have unmanned teller machines within the city or county of its domicile.

In 1983, the 68th Legislature changed the number of members and composition of the Finance Commission to 12 by adding the three-member Consumer Credit section.

In 1984, the Department created its Corporate Activities Division, to process applications affecting bank corporate structure and ownership and to serve as the repository of permanent bank files.

In 1986, Congress enacted the Tax Reform Act of 1986, eliminating accelerated depreciation on commercial real estate and prohibiting deduction of "passive losses." One effect was to dampen demand for commercial real estate investments, which acted to soften real estate prices.

In 1987, Texas Attorney General Jim Mattox issued an opinion (JM-630) holding that legislation authorizing acquisition of Texas banks by out-of-state bank holding companies was constitutional under Tex.

In 1989, 134 Texas banks with assets of $23.2 billion (state and national) failed— 13.6 percent of the state's banking assets.

In 1991, the 72nd Legislature granted authority to the banking commissioner to license, examine, and regulate currency exchange and transmission businesses under the Currency Exchange Act (Art.

In 1993, the Department was officially accredited by CSBS.

In 1994, Congress enacted the Reigle-Neal Interstate Banking and Branching Efficiency Act of 1994 (PL 103-328). The Act broadly grants interstate branching rights by merger and preempts restrictive state branching law unless a state "opts out" in the manner permitted by the Act.

In 1995, the Department began conducting annual customer surveys of banks and trust companies.

In 1996, the banking commissioner sued Sun World National Bank (a subsidiary/affiliate of NationsBank) and the OCC for allowing a national bank to relocate its main office to New Mexico and retain branches in Texas.

Sun World) and found in favor of the OCC. The Supreme Court denied writ of certiorari in 1998.

In 1999, CSBS re-accredited the Department.

In early 2000, the Finance Commission established its own website.

In 2002, the Finance Commission Chair announced the commencement of a study of agricultural business lending in Texas.

In 2003, the method of revenue generation for the PFC program changed from examination fees (per examiner day), to annual assessments that may be billed quarterly or fewer times based upon outstanding contracts.

In 2004, the Department investigated an individual company selling preneed mausoleums and misappropriating funds.

In 2005, the Department facilitated the recovery of misappropriated funds for PFCs of approximately $249,500.

In 2006, the banking commissioner issued Supervisory Memorandum 1021 concerning consumer awareness about fraud-induced wire transfers.

In 2007, the Legislature created a new system for banks to use to report on customers who are victims of identity theft.

In 2008, FinCEN released the first MSB BSA/AML Examination Manual with the goal of achieving consistency in the application of BSA requirements among states and the IRS when performing MSB examinations.

In December 2009 the Buda loan production office was converted into a full-service branch in the neighboring community of Kyle, Texas.

In 2010, the banking commissioner acted against an entity operating an alternative payment system that was designed to mobilize the value of gold without the required Texas MSB license.

In 2011, S.A.F.E. Act and Mortgage Loan Originators (MLOs) Training was conducted by the Department.

In 2012, the Department announced a new online service allowing all entities licensed by the Special Audits Division the option to renew their license online, bringing the benefits of e-government to these entities.

As of June 30, 2013, the Department had 191 employees and exercised oversight responsibility of 288 commercial banks with total assets of $203.3 billion.

In 2014, the Department’s website was redesigned and featured more information, easier navigation, and improved accessibility.

In 2015, the 84th Legislature approved changes for trust companies.

In 2016, total assets for Texas state-chartered banks were $254.6 billion as of December 31st, up $7.7 billion over the previous year.

In 2017, the banking commissioner testified before the Senate Committee on Banking, Housing and Urban Affairs in Washington, D.C. The subject matter of the hearing dealt with a call to end the one-size-fits-all bank regulation and instead tailor regulations to different kinds of banks.