(a) A savings bank may act as fiscal agent of the United States. A savings bank designated as fiscal agent of the United States by the secretary of the treasury shall act under regulations as required by the secretary and may act as fiscal agent for an instrumentality of the United States.
(b) A savings bank may act as fiscal agent of this state or of a governmental subdivision or instrumentality of this state.
Official text of the Texas Finance Code as published by the Texas Legislative Council.