reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 93 - ADMINISTRATIVE PROCEEDINGS › Subchapter D - APPEALS OF CEASE AND DESIST ORDERS AND ORDERS OF REMOVAL › Section 93.401 - Appeals Of Cease And Desist Orders And Orders Of Removal

Current through Reg. 49, No. 28; July 12, 2024
(a) Unless the
				  board of directors or person affected by the order files a timely written
				  appeal, the commissioner's cease and desist order or order of removal becomes
				  final and non-appealable when the applicable statutory time for appeal
				  expires.
(b) If a timely request
				  for appeal is filed, the commissioner shall forward the matter to SOAH to set a
				  hearing.
(c) The hearing on a cease
				  and desist order or order of removal is closed to the public. The orders,
				  correspondence, and records relating thereto, are confidential and cannot be
				  revealed to the public. Parties with access to confidential information during
				  the contested case must sign a confidentiality agreement as provided in §
										RSA
				  91.8000(f) of this title
				  (relating to Discovery of Confidential Information).
(d) At the hearing, the commissioner must
				  establish a prima facie case that the statutory or regulatory violations or the
				  unsafe or unsound practices justify the cease and desist order or order of
				  removal.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 93 - ADMINISTRATIVE PROCEEDINGS › Subchapter D - APPEALS OF CEASE AND DESIST ORDERS AND ORDERS OF REMOVAL › Section 93.402 - Stays

Current through Reg. 49, No. 28; July 12, 2024
Where an order by its terms, by statute, or by these rules
					 will become final before a hearing can be held, any aggrieved party who has
					 filed a timely request for hearing under this chapter may file a written
					 request with the commissioner to stay part or all of the order until the matter
					 has been heard and a final decision issued. The commissioner may grant a stay
					 where the respondent has adequately demonstrated a reasonable defense which
					 might result in the respondent prevailing on the merits at the hearing, the
					 respondent will be irreparably injured in the absence of the stay, the stay
					 would not substantially or irreparably harm other interested persons, and the
					 stay would not jeopardize the public interest or contravene public
					 policy.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 93 - ADMINISTRATIVE PROCEEDINGS › Subchapter E - APPEALS OF ORDERS OF CONSERVATION › Section 93.501 - Appeals of Orders of Conservation

Current through Reg. 49, No. 28; July 12, 2024
(a) Unless the credit union's former board of
				  directors files a timely written appeal, the commissioner's order of
				  conservation becomes final and non-appealable when the statutory time for
				  appeal expires.
(b) If a timely
				  request for hearing is filed with the appeal, the commissioner shall forward
				  the matter to SOAH to set a hearing.
(c) The credit union's former board of
				  directors has the burden to prove by a preponderance of the evidence that the
				  board should regain control of the credit union.
(d) The SOAH hearing on an order of
				  conservation is closed to the public. All orders and correspondence relating
				  thereto are confidential and may not be revealed to the public. Parties with
				  access to confidential information during the contested case must sign a
				  confidentiality agreement as provided in §
										RSA
				  91.8000(f) of this title
				  (relating to Discovery of Confidential Information).
(e) Parties must file exceptions, if any, to
				  the PFD within five days after the date of service of the PFD. Replies to
				  exceptions shall be filed within three days of the date of service of the
				  exceptions.
(f) The Commission
				  shall meet to consider the PFD no later than 45 days after the Department
				  receives the PFD from SOAH.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 93 - ADMINISTRATIVE PROCEEDINGS › Subchapter E - APPEALS OF ORDERS OF CONSERVATION › Section 93.502 - Retention of Attorney

Current through Reg. 49, No. 28; July 12, 2024
In the event a credit union retains an attorney or hires
					 other persons to assist the credit union in contesting or satisfying the
					 requirements of an order of conservation, the commissioner shall authorize the
					 payment of reasonable fees and expenses for such persons as expenses of the
					 conservatorship. In order for the commissioner to determine the reasonableness
					 of the fees and expenses, the credit union must submit a billing statement
					 showing the billable rate, the number of hours claimed, and a detailed
					 description of services performed and related expenses incurred. The credit
					 union may also submit copies of other bids received for the services, research
					 substantiating the reasonableness of the fees charged, or any other evidence
					 the credit union believes may support the reasonableness of the fees and
					 expenses. Any fees or expenses the commissioner deems unreasonable shall not be
					 authorized for payment.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 93 - ADMINISTRATIVE PROCEEDINGS › Subchapter F - REVIEW AND DECISION BY THE COMMISSION › Section 93.602 - Decision by the Commission

Current through Reg. 49, No. 28; July 12, 2024
The Commission shall consider the questions raised in the
					 appeal, as well as any additional matters pertinent to the appeal, whether or
					 not included in the motion for appeal. Decisions by the Commission must be
					 based on testimony and other evidence in the hearing record. The Commission may
					 adopt or decline to adopt, with or without changes, all or part of the
					 commissioner's decision or the ALJ's PFD and the underlying findings of fact
					 and conclusions of law. The Commission may remand the proceeding for further
					 consideration by the commissioner with or without reopening the hearing. The
					 Commission may take any additional actions it considers to be just and
					 reasonable, as permitted by law.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 93 - ADMINISTRATIVE PROCEEDINGS › Subchapter F - REVIEW AND DECISION BY THE COMMISSION › Section 93.603 - Oral Arguments Before the Commission

Current through Reg. 49, No. 28; July 12, 2024
Any party wishing to present oral arguments to the
					 Commission must make a written request at least fifteen days before the
					 scheduled Commission meeting. The request must state the length of time the
					 party seeks. The Commission, may grant or deny the request. If the request is
					 granted, the Commission will determine the amount of time allotted and the
					 issues on which oral argument is allowed. The Commission may deny the request
					 for oral argument but request that the parties be present at the meeting at
					 which the case is to be considered to address any questions that Commission
					 members may have.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 93 - ADMINISTRATIVE PROCEEDINGS › Subchapter F - REVIEW AND DECISION BY THE COMMISSION › Section 93.604 - Motion for Rehearing

Current through Reg. 49, No. 28; July 12, 2024
The procedures and deadlines of APA govern the filing of a
					 motion for rehearing with the Commission.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 93 - ADMINISTRATIVE PROCEEDINGS › Subchapter F - REVIEW AND DECISION BY THE COMMISSION › Section 93.605 - Final Decisions and Appeals

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  The Commission's decision is final and non-appealable:
(1) if a motion for rehearing is not filed on
				  time, upon the expiration of the period for filing a motion for rehearing;
				  or
(2) if a motion for rehearing is
				  filed on time, on the date the order overruling the motion for rehearing is
				  rendered; or the motion is overruled by operation of law.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter A - INSURANCE REQUIREMENTS › Section 95.100 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
The following words and terms, when used in this chapter,
					 shall have the following meanings, unless the context clearly indicates
					 otherwise.
(1) "Act" means the Texas
				  Credit Union Act (Texas Finance Code, Subtitle D).
(2) "Deposit" means a balance held by a
				  credit union and established by a credit union member, another credit union, a
				  governmental unit, or an authorized nonmember in accordance with standards
				  specified by the credit union, including balances designated as deposits,
				  deposit certificates, checking accounts or accounts by other names. A "deposit"
				  is a debt which earns interest and is owed by the credit union to the account
				  holder.
(3) "Federally-insured"
				  means insured by the National Credit Union Administration (NCUA) through the
				  National Credit Union Share Insurance Fund (NCUSIF) under Title II of the
				  Federal Credit Union Act (RSA
				  1781 et. seq.), or its successor.
(4) "Insuring organization" means a
				  cooperative share insurance fund or a guaranty corporation or credit union that
				  provides aid and financial assistance to credit unions that are in the process
				  of liquidation or are incurring financial difficulty in order that the share
				  and deposit accounts in the credit unions will be protected or guaranteed
				  against loss up to a specified level for each account.
(5) "Membership share" means a share of the
				  credit union which shall be the balance held by a credit union and established
				  by a member in accordance with standards specified by the credit union. Each
				  member may own only one membership share. In the case of a joint account, the
				  account may serve to represent the membership of each of the joint owners who
				  have applied for and were accepted as members, as long as a full membership
				  share for each joint owner seeking membership is maintained in the
				  account.
(6) "Participating credit
				  union" means a credit union that has applied for and been admitted to
				  participate in an insuring organization's program and whose participation has
				  not been terminated.
(7) "Shares"
				  means a balance held by a credit union and established in accordance with
				  standards specified by the credit union including, but not limited to shares,
				  share accounts, share certificates, share draft accounts or other such
				  accounts. "Shares" may include membership shares. In addition, "shares" earn
				  dividends.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter A - INSURANCE REQUIREMENTS › Section 95.101 - Share and Depositor Insurance Protection

Current through Reg. 49, No. 28; July 12, 2024
(a) Each credit union incorporated under the
				  Act or otherwise authorized to do business in this state shall obtain share and
				  deposit insurance for the protection of its members' accounts. Such share and
				  deposit guarantee insurance may be obtained from the NCUA through the NCUSIF or
				  from an insuring organization approved by the commissioner, with the advice and
				  consent of the commission.
(b) Any
				  credit union that fails to maintain in full force and effect share and deposit
				  insurance protections as provided in this section shall cease accepting
				  deposits and making loans immediately and shall terminate its corporate
				  existence in this state under such terms and conditions as the commissioner
				  deems appropriate.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter A - INSURANCE REQUIREMENTS › Section 95.102 - Qualifications for an Insuring Organization

Current through Reg. 49, No. 28; July 12, 2024
(a) An insuring organization must, at a
				  minimum, demonstrate the following prerequisites and must continue to meet
				  these standards on an ongoing basis, in order to do business in this state:
(1) The insuring organization is authorized
				  to provide share and deposit insurance protection in its state of domicile or
				  in the State of Texas;
(2) The
				  insuring organization is in good standing with the regulatory authorities in
				  its state of domicile;
(3) The
				  insuring organization receives regular examinations from its state of
				  domicile;
(4) The insuring
				  organization has capital which is adequate for its prospective business;
				  and
(5) The insuring organization
				  has loss reserves that are actuarially sound.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter A - INSURANCE REQUIREMENTS › Section 95.103 - General Powers and Duties of an Insuring Organization

Current through Reg. 49, No. 28; July 12, 2024
In carrying out its general purposes, an insuring
					 organization may:
(1) guarantee to
				  participating credit unions the payment of any deficiency in an individual
				  member's share or deposit account(s) caused by credit union's insolvency or any
				  other reason;
(2) issue share and
				  deposit insurance contracts or otherwise effect credit union share guaranty,
				  and enter into other contracts necessary or advisable in the conduct of its
				  business;
(3) advance funds in
				  accordance with agreed upon lending terms and conditions to aid participating
				  credit unions to operate and to meet liquidity needs;
(4) upon the written order of the
				  commissioner, and at such compensation as shall be agreed upon, the insuring
				  organization may assume control of the property and business of any
				  participating credit union and operate it at the direction of the commissioner
				  until its financial stability has been reestablished to the satisfaction of the
				  commissioner, or the credit union has been liquidated or merged into another
				  credit union;
(5) assist in the
				  merger, consolidation, or liquidation of participating credit unions;
(6) receive money or other property from
				  participating credit unions;
(7)
				  conduct investigation and audits of any applicant or participating credit union
				  in order to determine the financial and operating condition of the applicant or
				  participating credit union; and
(8)
				  establish conditions for participation by credit unions, including the
				  establishment of risk eligibility standards.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter A - INSURANCE REQUIREMENTS › Section 95.104 - Notices

Current through Reg. 49, No. 28; July 12, 2024
(a) An insuring
				  organization shall provide written notice to the department of receipt of any
				  application for participation by a credit union. Within 30 days of receipt of
				  the notice, the department will advise the applicant and the insuring
				  organization if it will interpose an objection to the proposal based on safety
				  and soundness concerns. Any such objection must be addressed to the
				  satisfaction of the department before the applicant will be eligible to
				  participate in the insuring organization's program. The insuring organization
				  shall also be responsible for notifying the department of its underwriting
				  decision on any application and advising the department when an applicant has
				  become a participating credit union.
(b) At least 30-days prior to the effective
				  date of any termination, an insuring organization shall notify the department
				  in writing of any termination, voluntary or involuntary, of a participating
				  credit union.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter A - INSURANCE REQUIREMENTS › Section 95.105 - Reporting

Current through Reg. 49, No. 28; July 12, 2024
(a) Within one
				  hundred days after the close of a fiscal year, an insuring organization shall
				  file with the commissioner annually audited financial statements, prepared in
				  accordance with generally accepted accounting principles covering that fiscal
				  year. The audited financial statements shall be accompanied by an opinion of an
				  independent certified public accountant. In addition, at least once every three
				  years, the audit shall include an actuarial study of the capital adequacy of
				  the insuring organization.
(b) The
				  provisions of this section are in addition to those prescribed in §
										RSA
				  91.209 of this title (relating to Reports and
				  Charges for Late Filing).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter A - INSURANCE REQUIREMENTS › Section 95.106 - Amount of Insurance Protection

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  The primary insured or guaranteed amount for share and deposit accounts of
				  individual members of participating credit unions shall never be less than the
				  corresponding share insurance coverage provided by the NCUSIF or its
				  successor.
(b) With the approval of
				  the commissioner and if authorized by the insuring organization, a
				  participating credit union may, from time to time as determined by its board of
				  directors, issue membership shares that are not guaranteed and are subordinate
				  to all other claims, including creditors, shareholders and the insuring
				  organization.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter A - INSURANCE REQUIREMENTS › Section 95.107 - Sharing Confidential Information

Current through Reg. 49, No. 28; July 12, 2024
In order to permit the insuring organization to assess the
					 financial condition and performance of a participating credit union, the
					 department shall, with the consent of such participating credit union, provide
					 to the insuring organization any and all reports of examination conducted by,
					 and orders and determinations issued by, the commissioner regarding that
					 institution.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter A - INSURANCE REQUIREMENTS › Section 95.108 - Examinations

Current through Reg. 49, No. 28; July 12, 2024
(a) The department
				  may conduct examinations and investigations within or outside this state to
				  determine whether an insuring organization has engaged, is engaging or is about
				  to engage in any act, practice or transaction which constitutes an unsafe or
				  unsound practice or a violation of any law or rule applicable to the insuring
				  organization.
(b) In lieu of an
				  examination under this section, the commissioner may accept the examination
				  report of another regulator authorized to examine the insuring
				  organization.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter A - INSURANCE REQUIREMENTS › Section 95.109 - Fees and Charges

Current through Reg. 49, No. 28; July 12, 2024
(a) An insuring
				  organization shall pay the cost associated with an examination as prescribed in
				  §
										RSA
				  97.113(k) of this title
				  (relating to Foreign Credit Union Examination Fees).
(b) At the sole discretion of the
				  commissioner, the department may engage professionals to perform and complete
				  any aspect of an examination or investigation. The reasonable expenses and
				  compensation of such professionals shall be paid by the insuring
				  organization.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter A - INSURANCE REQUIREMENTS › Section 95.110 - Enforcement; Penalty; and Appeal

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  The commissioner may issue a cease and desist order, generally in accordance
				  with Finance Code §
										RSA
				  122.257(b), (c), (d) and
				  (e), to an officer, employee, director, and/or the insuring organization
				  itself, if the commissioner determines from examination or other credible
				  evidence that the insuring organization has or is operating in an unsafe or
				  unsound manner, or violated or is violating any applicable Texas law or rule of
				  the commission, including causing a credit union to operate in an unsafe or
				  unsound condition as defined by Finance Code §
										RSA
				  121.002(11)(C). If the
				  insuring organization does not comply with the order, the commissioner may
				  assess an administrative penalty as authorized by Finance Code §
										RSA
				  122.260, as well as institute procedures to
				  revoke the authority to provide primary share insurance coverage in this
				  state.
(b) An insuring organization
				  may file a notice of appeal of a cease and desist order in accordance with
				  §
										RSA
				  93.401 of this title (relating to Finality
				  and Request for SOAH Hearing).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter B - LIQUIDATING AGENTS › Section 95.200 - Notice of Taking Possession; Appointment of Liquidating Agent; Subordination of Rights

Current through Reg. 49, No. 28; July 12, 2024
(a) The department
				  shall give prompt notice to the NCUA or other applicable insuring organization
				  whenever the commissioner through conservatorship takes possession of the
				  property and assets of a respective insured or participating credit union. The
				  Department shall give further prompt notice of the Commissioner's intent to
				  liquidate the property and assets of such insured or participating credit
				  union.
(b) If the commissioner
				  finds the liquidation of the credit union's assets is prudent under the
				  guidelines established by Texas Finance Code §
										RSA 126.201, the
				  insuring organization may be appointed liquidating agent for the credit
				  union.
(c) When any member's share
				  or deposit account is paid, the NCUA or, alternatively, the insuring
				  organization shall be subrogated to all rights of the member, up to the amount
				  paid by the NCUA or the insuring organization to such member.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter B - LIQUIDATING AGENTS › Section 95.205 - State Not Liable for Any Deficiency

Current through Reg. 49, No. 28; July 12, 2024
Nothing in this chapter creates any liability upon this
					 state for the payment of any funds to any credit union by reason of the acts or
					 omissions of the NCUA or insuring organization, nor shall the state pay any
					 deficiency of any credit union in the event the NCUA or insuring organization
					 is unable to pay such deficiency.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter C - GUARANTY CREDIT UNION › Section 95.300 - Share and Deposit Guaranty Credit Union

Current through Reg. 49, No. 28; July 12, 2024
(a) The commissioner may authorize, with the
				  advice and consent of the commission, the establishment of a share and deposit
				  guaranty credit union. The charter shall be granted only on proof satisfactory
				  to the commissioner that member credit union convenience and advantage will be
				  promoted by the establishment of the guaranty credit union. In determining
				  whether the convenience and advantage will be promoted, the commissioner shall
				  consider:
(1) Whether the organizational and
				  capital structure and amount of initial capitalization is adequate for the
				  business;
(2) Whether the
				  anticipated volume and nature of business indicates a reasonable probability of
				  success and profitability based on the credit unions sought to be
				  served;
(3) Whether the credit
				  union's guarantee fund and reserves are actuarially reasonable and computed in
				  accordance with accepted loss reserving standards and principles;
(4) Whether the long-term financial condition
				  of the entity would prejudice the interest of participating credit
				  unions;
(5) Whether the proposed
				  officers, directors, and managers have sufficient fiduciary experience,
				  ability, standing, competence, trustworthiness, and integrity to justify a
				  belief that the guaranty credit union will operate in compliance with the law
				  and that the long term success of entity is probable; and
(6) Whether the organizers are acting in good
				  faith.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter C - GUARANTY CREDIT UNION › Section 95.301 - Authority for a Guaranty Credit Union

Current through Reg. 49, No. 28; July 12, 2024
If a guaranty credit union is authorized, the commissioner
					 shall issue a certificate of incorporation which shall provide that said
					 guaranty credit union shall operate as a central credit union including share
					 and deposit guaranty insurance protection for members subject to supervision,
					 regulation, and examination by the department.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter C - GUARANTY CREDIT UNION › Section 95.303 - Subordination of Right, Title, or Interest

Current through Reg. 49, No. 28; July 12, 2024
No agreement which tends to diminish or defeat the right,
					 title or interest of the guaranty credit union in any asset acquired by it,
					 either as security for a loan or by purchase, shall be valid against the
					 guaranty credit union unless such agreement shall be in writing; shall have
					 been executed by the credit union and the person or persons claiming an adverse
					 interest thereunder, including the obligor, contemporaneously with the
					 acquisition of the asset by the credit union; shall have been approved by the
					 board of directors of the credit union with such approval reflected in the
					 minutes of said board; and shall have been, continuously, from the time of its
					 execution, an official record of the credit union.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter C - GUARANTY CREDIT UNION › Section 95.304 - Capital Contributions; Membership Investment Shares; Termination

Current through Reg. 49, No. 28; July 12, 2024
(a) A guaranty
				  credit union shall establish and maintain a guarantee fund. The fund shall be
				  maintained at a normal operating level as defined by the board of directors of
				  the guaranty credit union and approved by the commissioner, however, the normal
				  operating level shall at all times not be less than one percent of the
				  aggregate share capital of participating credit unions. The fund of the
				  guaranty credit union shall be comprised of the following:
(1) The membership investment shares of each
				  participating credit union;
(2)
				  Retained and undivided earnings; and
(3) Any reserves required by the
				  commissioner.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter C - GUARANTY CREDIT UNION › Section 95.305 - Audited Financial Statements; Accounting Procedures; Reports

Current through Reg. 49, No. 28; July 12, 2024
(a) A guaranty
				  credit union shall file with the commissioner annually audited financial
				  statements, prepared in accordance with generally accepted accounting
				  principles covering the fiscal year, within one hundred days after the close of
				  such fiscal year. The audited financial statements shall be accompanied by an
				  opinion of an independent certified public accountant.
(b) If the opinion of the certified public
				  accountant is other than unqualified pursuant to generally accepted auditing
				  standards, the commissioner shall require the guaranty credit union to take
				  such action as is considered appropriate to permit the removal of such
				  qualification from the opinion.
(c)
				  At a minimum, once every three years the annual audit of the guaranty credit
				  union shall include an actuarial study of the capital adequacy of the credit
				  union.
(d) All of the provisions of
				  this section are in addition to those prescribed in §
										RSA
				  91.209 of this title (relating to Reports and
				  Charges for Late Filing).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter C - GUARANTY CREDIT UNION › Section 95.310 - Fees and Charges

Current through Reg. 49, No. 28; July 12, 2024
(a) A guaranty
				  credit union shall pay the fees prescribed in §
										RSA 97.113 of
				  this title (relating to Operating Fees) in the same manner as any other credit
				  union chartered under the Act.
(b)
				  At the sole discretion of the commissioner, the department may engage
				  professionals to perform and complete any aspect of an examination or
				  investigation. The reasonable expenses and compensation of such professionals
				  shall be paid by the guaranty credit union.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION › Subchapter D - DISCLOSURE FOR NON-FEDERALLY INSURED CREDIT UNIONS › Section 95.400 - Requirements of Participating Credit Unions

Current through Reg. 49, No. 28; July 12, 2024
(a) Every participating credit union shall
				  give appropriate notice of the insurance status of its accounts printed in a
				  manner acceptable to the commissioner. This notice shall be posted at all
				  public entrances at each office and service facility (excluding shared
				  branching facilities) and continuously displayed at each station or window
				  (excluding automatic teller machines and point of sale terminals) where funds
				  or deposits are normally received. At a minimum, the notice shall clearly and
				  conspicuously disclose the following:
(1)
				  That members' accounts are insured by an insuring organization;
(2) The name of the insuring
				  organization;
(3) The extent of the
				  insuring organization's share and deposit insurance protection; and
(4) That accounts are not insured or
				  guaranteed by any government or government-sponsored agency.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter A - GENERAL PROVISIONS › Section 97.101 - Meetings

Current through Reg. 49, No. 28; July 12, 2024
The time and place of regular and special meetings of the
					 Commission and its committees shall be determined by the applicable chair and
					 posted in accordance with the Open Meetings Act (Government Code, Chapter 551).
					 The minutes of each meeting shall be in writing, shall be posted on the
					 Department's website, and shall be available to any person to examine during
					 the Department's regular office hours.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter A - GENERAL PROVISIONS › Section 97.102 - Delegation of Duties

Current through Reg. 49, No. 28; July 12, 2024
The Commissioner is authorized to complete all filings
					 necessary to facilitate the rule making powers of the Commission. The
					 Commissioner may draft and sign final adoption orders and other such
					 instruments where delegation is not restricted by statute or rule.
					 Notwithstanding other provisions of this rule, this authority is conveyed only
					 to promote administrative efficiency and to expedite properly approved
					 decisions of the Commission.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter A - GENERAL PROVISIONS › Section 97.103 - Recusal or Disqualification of Commission Members

Current through Reg. 49, No. 28; July 12, 2024
(a) A commission member may not vote on or
				  otherwise participate in the deliberation or decision of a matter pending
				  before the commission:
(1) in which the
				  commission member has a personal or private interest; or
(2) which directly affects the credit union
				  of which the commission member is an officer, director, or member.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter A - GENERAL PROVISIONS › Section 97.105 - Frequency of Examination

Current through Reg. 49, No. 28; July 12, 2024
The department shall perform an examination of each credit
					 union authorized to do business under the Act at least once during each
					 12-month period . Annual examination intervals may be extended by the
					 Department to a maximum 18 months, subject to safety and soundness
					 considerations. Intervals between examinations shall not exceed 18 months,
					 unless a longer interval is authorized in writing by the commission. In lieu of
					 conducting an examination required by this rule, the commissioner in the
					 exercise of discretion may accept examinations or reports from other credit
					 union supervisory agencies or insuring organizations.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter A - GENERAL PROVISIONS › Section 97.107 - Related Entities

Current through Reg. 49, No. 28; July 12, 2024
(a) Definition.
				  For the purposes of this section, a related entity is defined as:
(1) a credit union service organization in
				  which a credit union has a material interest by contracting with, lending to or
				  investing in the organization;
(2)
				  a subsidiary or affiliate of a credit union service organization that is wholly
				  owned or controlled by a credit union;
(3) an organization engaged primarily in the
				  business of managing a credit union; and
(4) third-party contractors providing
				  electronic data processing, electronic fund transfers, or other member services
				  to or on behalf of a credit union.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter B - FEES › Section 97.113 - Fees and Charges

Current through Reg. 49, No. 28; July 12, 2024
(a) Remittance of
				  fees.
(1) Each credit union authorized to do
				  business under the Act shall remit to the department an annual operating fee.
				  The fee shall be paid in semi-annual installments, billed effective September 1
				  and March 1 of each year. The final installment may be adjusted as provided by
				  subsection (d) of this section. Installments received after September 30 or
				  March 30 of each year will be subject to a monthly 10% late fee unless waived
				  by the commissioner for good cause.
(2) Credit unions that exit the Texas credit
				  union system on or before August 31 or February 28 of a given year, will not be
				  subject to the semi-annual assessment for the period beginning September 1 or
				  March 1, respectively. Only those credit unions leaving the state credit union
				  system prior to the close of business on those dates avoid paying the
				  semi-annual assessment for the period beginning September 1 or March 1, as
				  applicable.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter B - FEES › Section 97.114 - Charges for Public Records

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Reproduction Charges. Copies of documents not excepted from disclosure by the
				  Texas Public Information Act (Government Code, Chapter 552) may be obtained
				  upon written request to the department at rates established by the Office of
				  the Attorney General in 1 TAC §§
										RSA 70.1-
				  RSA
				  70.12 (relating to Cost of Copies of Public
				  Information) or other applicable law.
(b) Request for Information. The following
				  guidelines apply to requests for records under the Public Information Act
				  (Government Code, Chapter 552).
(1) Request
				  must be in writing and reasonably identify the records requested.
(2) Records access will be by appointment
				  only.
(3) Records access is
				  available only during the regular business hours of the department.
(4) Generally, unless confidential
				  information is involved, review may be by physical access or by duplication, at
				  the requestor's option. Any person, however, whose request would be unduly
				  disruptive to the ongoing business of the office may be denied physical access
				  and will be provided only the option of receiving copies by
				  duplication.
(5) When the safety of
				  any public record is at issue, physical access may be denied, and the records
				  will be provided by duplication as previously described.
(6) Confidential files will not be made
				  available for inspection or for duplication unless required by a court order or
				  Attorney General decision.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter B - FEES › Section 97.115 - Reimbursement of Legal Expenses

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  The commissioner may seek reimbursement of expenses from an individual credit
				  union for legal fees incurred solely and necessarily because the credit union
				  acted in an unreasonable or egregious manner or acted outside the course and
				  scope of what is permitted by statute or regulation. To ensure that the rights
				  and interest of all parties are protected, this section shall not apply to any
				  adjudicative proceedings in which the legal rights, duties, or privileges of
				  the credit union are being determined by the Department after an opportunity
				  for hearing. This section also does not apply to court proceedings where the
				  individual credit union's legal rights, duties, or privileges are being
				  determined as against the Department.
(b) The credit union has thirty days from the
				  date it receives the assessment to pay in full or to appeal in writing to the
				  Commission.
(c) If a credit union
				  files a written notice of appeal, the Commission shall hear the appeal at its
				  next regularly scheduled meeting. In making its decision, the Commission shall
				  consider whether the credit union acted reasonably under the circumstances or
				  acted within its legal rights.
(d)
				  When possible, the Department will notify a credit union before the Department
				  requests legal assistance which may be charged to a credit union under this
				  section.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter B - FEES › Section 97.116 - Recovery of Costs for Extraordinary Services Not Related to an Examination

Current through Reg. 49, No. 28; July 12, 2024
(a) The
				  commissioner may seek reimbursement from an individual credit union for non
				  examination-related expenses incurred solely and necessarily because the credit
				  union acted in an unreasonable or egregious manner, or acted outside the course
				  and scope of what is permitted by statute or regulation. Expenses can include
				  personnel costs, transportation costs, meals, lodging, and other incidental
				  expenses. If the commissioner determines that recovery of costs is appropriate,
				  the Department shall provide advance notice to the credit union of its
				  intention to recover the expenses.
(b) In seeking reimbursement, the
				  commissioner shall consider the amount of the costs involved, the nature of the
				  credit union's conduct, the service provided, the financial impact on the
				  credit union, and the impact of the activity on other Department services. The
				  commissioner may reduce the charges and bill the credit union less than the
				  full amount of the costs.
(c) The
				  credit union has thirty days from the date it receives the assessment to pay in
				  full or to appeal in writing to the Commission.
(d) If a credit union files a written notice
				  of appeal, the Commission shall hear the appeal at its next regularly scheduled
				  meeting. In making its decision, the Commission shall consider whether the
				  credit union acted reasonably under the circumstances or acted within its legal
				  rights.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter C - DEPARTMENT OPERATIONS › Section 97.200 - Employee Training Program

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Components of program. The employee training program for the department
				  consists of one or more of the following components:
(1) Agency-sponsored training to include
				  in-house training sessions and on-the-job training;
(2) Formal training program conducted through
				  the National Credit Union Administration as administrator of the National
				  Credit Union Share Insurance Fund.
(3) Seminars and conferences; and
(4) Formal course of study at an accredited
				  institution of higher education .
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter C - DEPARTMENT OPERATIONS › Section 97.205 - Use of Historically Underutilized Businesses

Current through Reg. 49, No. 28; July 12, 2024
Pursuant to Chapter 2161 of the Government Code, the
					 Department hereby incorporates by reference the rules of the Comptroller of
					 Public Accounts, 34 TAC §§
										RSA 20.11-
					 RSA 20.28
					 (relating to Historically Underutilized Business Program), or any successor
					 rules, regarding historically underutilized businesses. The Department shall
					 comply, to the extent applicable, with the requirements of these rules when
					 purchasing goods and services that are paid for with State appropriated
					 money.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter C - DEPARTMENT OPERATIONS › Section 97.206 - Posting of Certain Contracts: Enhanced Contracts and Performance Monitoring

Current through Reg. 49, No. 28; July 12, 2024
(a) Pursuant to
				  §
										RSA
				  2261.253 of the Texas Government Code, the
				  Department will implement the following procedures for contracts for the
				  purchase of goods or services from private vendors:
(1) The Department will list information
				  pertaining to its contract with private vendors on its website. The information
				  will include:
(A) The name of the vendor with
				  whom the contract is made;
(B) A
				  description of the competitive bidding process for the contract, or, if the
				  contract did not involve competitive bidding, a citation and explanation of the
				  legal authority supporting exemption from the competitive bidding
				  process;
(C) A link to a copy of
				  the request for proposal for the contract, if applicable until the contract
				  expires or is completed; and
(D) A
				  link to a copy of the contract with the vendor until the contract expires or is
				  completed.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 97 - COMMISSION POLICIES AND ADMINISTRATIVE RULES › Subchapter C - DEPARTMENT OPERATIONS › Section 97.207 - Contracts for Professional or Personal Service

Current through Reg. 49, No. 28; July 12, 2024
(a) In connection with the authority granted
				  to the commissioner to negotiate, contract or enter into an agreement for
				  professional or personal services under §
										RSA
				  15.414, Texas Finance Code, the Department
				  hereby incorporates by reference the procurement rules of the Comptroller of
				  Public Accounts, 34 TAC Chapter 20 (relating to Texas Procurement and Support
				  Services), or any successor rules, regarding soliciting and awarding contracts.
				  The Department shall comply, to the extent applicable, with the requirements of
				  these rules when contracting for professional or personal services that are
				  paid for with State appropriated money or paid by credit unions pursuant to
				  §
										RSA
				  97.113(l) of this title
				  (relating to Fees and Charges).
(b)
				  Any professional or personal service contracts between the Department and
				  entities that receive funds from the State of Texas shall contain the following
				  language regarding the authority of the State Auditor's Office to conduct an
				  audit or investigation in connection with those funds: "Contractor understands
				  that acceptance of funds under this contract acts as acceptance of the
				  authority of the State Auditor's Office, or any successor agency, to conduct an
				  audit or investigation in connection with those funds. Contractor further
				  agrees to cooperate fully with the State Auditor's office or its successor in
				  the conduct of the audit or investigation, including providing all records
				  requested. Contractor will ensure that this clause concerning the authority to
				  audit funds received indirectly by subcontractors through Contractor and the
				  requirements to cooperate is included in any subcontract it awards."
(c) Any professional or personal service
				  contracts between the Department and entities that receive funds from the State
				  of Texas shall contain the following language regarding dispute resolution:
				  "The parties shall attempt to resolve any dispute arising under this contract
				  by using the Department's dispute resolution process." The Department hereby
				  incorporates by reference as its dispute resolution process the rules found in
				  1 TAC Chapter 68 (relating to Negotiation and Mediation of Certain Contract
				  Disputes), or any successor rules.