reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter G - SPANISH DISCLOSURES › Section 90.705 - Multiple-Party Transactions

Current through Reg. 49, No. 28; July 12, 2024
If there are multiple creditors in the transaction, only
					 one creditor needs to provide the information required by §
										RSA 90.703 of
					 this title (relating to Form of Disclosure). If there are multiple debtors in a
					 transaction, the creditor may deliver the information required by this section
					 to any one or more of the debtors. The information may, but need not be, signed
					 by the borrower or creditor.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 5 - OFFICE OF CONSUMER CREDIT COMMISSIONER › Chapter 90 - CHAPTER 342, PLAIN LANGUAGE CONTRACT PROVISIONS › Subchapter G - SPANISH DISCLOSURES › Section 90.706 - Legal Document

Current through Reg. 49, No. 28; July 12, 2024
(a) The
				  agreement entered in the English language is the legal document and determines
				  the rights and obligations of the parties. The disclosures required by federal
				  law entered in the English language are the legal disclosures and determine the
				  disclosure obligations of the licensee.
(b) The licensee may at its option add the
				  following disclaimer:
(1) "NOTICE REGARDING
				  THE TRANSLATION INTO SPANISH: The English document is the legal document and
				  reflects the parties' rights and obligations. The translation into Spanish of
				  the document is provided for the convenience of the Borrower."
(2) Spanish Translation: "AVISO CON RESPECTO
				  A LA TRADUCCIÓN AL ESPAÑOL: El documento en inglÉs es el
				  documento legal y refleja los derechos y obligaciones de las partes. La
				  traducciÓn al espaÑol del documento se ofrece para la
				  conveniencia del Prestatario."
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter A - GENERAL RULES › Section 91.103 - Public Notice of Department Decisions

Current through Reg. 49, No. 28; July 12, 2024
The commissioner shall cause notice of final actions taken
					 by the department on certain activities to be published in the
Texas
					 Register
and the department newsletter. Notice shall be published in
					 both publications within 30 days of the action becoming final. The activities
					 covered by this requirement are:
(1)
				  an application for incorporation under Texas Finance Code §
										RSA
				  122.001;
(2) a request for an amendment to a credit
				  union's articles of incorporation under Texas Finance Code §
										RSA
				  122.011;
(3) a request for an amendment to a credit
				  union's bylaws for the expansion of its field of membership under Texas Finance
				  Code §
										RSA
				  122.011;
(4) an application for merger or
				  consolidation under Texas Finance Code §
										RSA
				  122.152;
(5) a request by a foreign credit union to do
				  business in Texas under Texas Finance Code §
										RSA
				  122.013; and
(6) an application for conversion of a credit
				  union's certificate of incorporation under Texas Finance Code §§
										RSA
				  122.201,
				  RSA
				  122.202,
				  RSA
				  122.203, or § 91.1007 of this chapter
				  (relating to Conversion to a Mutual Savings Institution).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter A - GENERAL RULES › Section 91.104 - Public Notice and Comment on Certain Applications

Current through Reg. 49, No. 28; July 12, 2024
(a) Upon receipt of a complete application
				  for authorization to be granted by the department, the commissioner shall cause
				  notice of such application to be published in the
Texas
				  Register
and the department newsletter. Notice shall be published in
				  both publications at least 30 days prior to taking action on the request. The
				  activities covered by this requirement are:
(1) an application for incorporation under
				  Texas Finance Code §
											RSA
				  122.001;
(2) a request for an amendment to a credit
				  union's articles of incorporation under Texas Finance Code §
											RSA
				  122.011;
(3) a request for an amendment to a credit
				  union's bylaws for an expansion of its field of membership under Texas Finance
				  Code §
											RSA
				  122.011;
(4) an application for merger or
				  consolidation under Texas Finance Code §
											RSA
				  122.152;
(5) an application for conversion of a credit
				  union's certificate of incorporation under §
											RSA
				  91.1007 of this chapter (relating to
				  Conversion to a Mutual Savings Institution); and
(6) a request by a foreign credit union to do
				  business in Texas under Texas Finance Code §
											RSA
				  122.013.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter A - GENERAL RULES › Section 91.105 - Acceptance of Other Application Forms

Current through Reg. 49, No. 28; July 12, 2024
Notwithstanding other requirements of this chapter, if
					 another state or federal regulator's application and forms provide all the
					 information required by Texas law, the commissioner may accept those forms.
					 This does not limit the commissioner's power to require additional information
					 necessary to complete an application or other form.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter A - GENERAL RULES › Section 91.110 - Protest Procedures for Applications

Current through Reg. 49, No. 28; July 12, 2024
A protestant to an application for authorization to be
					 granted by the commissioner must file a written notice of protest, in such form
					 as the commissioner may prescribe, within 30 days of the date that notice of
					 the application is published in either the Texas Register or the department
					 newsletter, whichever is later. The notice of protest must provide all
					 information that the protestant wishes the commissioner to consider in
					 evaluating the application.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter A - GENERAL RULES › Section 91.115 - Safety at Unmanned Teller Machines

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions. Words and terms used in this
				  subchapter that are defined in the Finance Code §
										RSA 59.301, have the
				  same meanings as defined in the Finance Code.
(b) Measurement of candle foot power. For the
				  purposes of measuring compliance with the Finance Code §
										RSA
				  59.307, candle foot power should be
				  determined under normal, dry weather conditions, without complicating factors
				  such as fog, rain, snow, sand, or dust storm, or other similar
				  condition.
(c) Safety evaluations.
(1) The credit union owner or operator of an
				  unmanned teller machine shall evaluate the safety of each machine on a basis no
				  less frequently than annually, unless the machine is exempted under the Finance
				  Code §
											RSA
				  59.302.
(2) The safety evaluation shall consider at
				  the least the factors identified in the Finance Code, §
											RSA
				  59.308.
(3) The credit union owner or operator of the
				  unmanned teller machine may provide the landlord or owner of the property with
				  a copy of the safety evaluation if an access area or defined parking area for
				  an unmanned teller machine is not controlled by the credit union owner or
				  operator of the machine.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter A - GENERAL RULES › Section 91.120 - Posting of Notice Regarding Certain Loan Agreements

Current through Reg. 49, No. 28; July 12, 2024
(a) As required by the Business and Commerce
				  Code §
										RSA
				  26.02, all credit unions are required to
				  conspicuously post notices informing members of the requirements that certain
				  loan agreements must be in writing. The notice must include the language and be
				  in the format prescribed by the Finance Commission of Texas in §
										RSA
				  3.34 of this title (relating to Posting of
				  Notice in All Finance Institutions).
(b) Each credit union shall post the notice
				  required by subsection (a) of this section in the lobby of each of its offices
				  other than off-premises electronic deposit facilities.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter A - GENERAL RULES › Section 91.121 - Complaint Notices and Procedures

Current through Reg. 49, No. 28; July 12, 2024
(a) Purpose. This section implements Finance
				  Code § 15.408, which requires the Department to maintain a system to
				  promptly and efficiently act on each complaint filed with the
				  Department.
(b) Required Notice.
(1) Credit unions must provide their members
				  with a notice that substantially conforms to the language and form of the
				  following notice in order to let its members know how to file complaints: "If
				  you have a problem with the services provided by this credit union, please
				  contact us at: (Your Name) Credit Union Mailing Address Telephone Number or
				  e-mail address. The credit union is incorporated under the laws of the State of
				  Texas and under state law is subject to regulatory oversight by the Texas
				  Credit Union Department. If any dispute is not resolved to your satisfaction,
				  you may also file a complaint against the credit union by contacting the Texas
				  Credit Union Department through one of the means indicated below: In Person or
				  U.S. Mail: 914 East Anderson Lane, Austin, Texas 78752-1699, Telephone Number:
				  (512) 837-9236, Facsimile Number: (512) 832-0278; email:
				  complaints@cud.texas.gov., Website:
www.cud.texas.gov
."
(2) The title of this notice shall be
				  "COMPLAINT NOTICE" and must be in all capital letters and boldface
				  type.
(3) The credit union must
				  provide the notice as follows:
(A) In each
				  area where a credit union typically conducts business on a face-to-face basis,
				  the required notice must be conspicuously posted. A notice is deemed to be
				  conspicuously posted if a member with 20/20 vision can read it from the place
				  where he or she would typically conduct business or if it is included in plain
				  view on a bulletin board on which required communications to the membership
				  (such as equal housing posters) are posted.
(B) If a credit union maintains a website,
				  the required notice or a link to the required notice must be conspicuously
				  posted on the homepage of the website.
(C) If a credit union distributes a
				  newsletter, it must include the notice on approximately the same date at least
				  once each year in any newsletter distributed to its members.
(D) If a credit union does not distribute a
				  newsletter, the notice must be included with any privacy notice the credit
				  union is required to provide or send its members.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter A - GENERAL RULES › Section 91.125 - Accuracy of Advertising

Current through Reg. 49, No. 28; July 12, 2024
(a) As used in
				  this rule, an advertisement is any informational communication, including oral,
				  written, electronic, broadcast or any other type of communication, made to
				  members, prospective members, or to the public at large in any manner designed
				  to attract attention to the business of a credit union.
(b) No credit union shall disseminate or
				  cause the dissemination of any advertisement that is in any way intentionally
				  or negligently false, deceptive, or misleading. An advertisement shall be
				  deemed by the Commissioner to be intentionally or negligently false, deceptive,
				  or misleading if it:
(1) contains materially
				  false claims or misrepresentations of material facts;
(2) contains materially implied false claims
				  or implied misrepresentations of material fact;
(3) omits material facts;
(4) makes a representation likely to create
				  an unjustified expectation about credit union products or services;
(5) states that the credit union's services
				  are superior to or of a higher quality than that of another financial
				  institution unless the credit union can factually substantiate the
				  statement;
(6) states that a
				  service is free when it is not, or contains intentionally untruthful or
				  deceptive claims regarding costs and fees; and
(7) fails to disclose that membership is
				  required to participate in or enjoy the advantage of the product or service
				  (does not apply to advertisement to current members).
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter B - ORGANIZATION PROCEDURES › Section 91.201 - Incorporation Procedures

Current through Reg. 49, No. 28; July 12, 2024
(a) An
				  application to incorporate a credit union shall be in writing and supported by
				  such information and data as the commissioner may require to make the findings
				  necessary for the issuance of a certificate of incorporation.
(b) Business Plan. The application must
				  include a business plan that covers three years and provides detailed
				  explanations of actions that are proposed to accomplish the primary functions
				  of the credit union. The description should provide enough detail to
				  demonstrate that the institution has a reasonable chance for success, will
				  operate in a safe and sound manner, and will maintain adequate capital to
				  support its operations. Specifically the plan must:
(1) Describe the credit union's business,
				  including the products, member services, and other activities;
(2) Provide quarterly pro forma financial
				  information for the three years of operation, including annual totals for the
				  Income Statement;
(3) Describe in
				  detail all of the assumptions used to prepare the projected financial
				  information;
(4) Discuss the
				  capital goals and the means to achieve them;
(5) Discuss the overall marketing/advertising
				  strategy to reach potential members;
(6) Discuss the credit union's strategy for
				  obtaining required share and deposit insurance protection for its members'
				  accounts; and
(7) Describe the
				  economic forecast for the three years of the plan.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter B - ORGANIZATION PROCEDURES › Section 91.202 - Bylaw and Articles of Incorporation Amendments

Current through Reg. 49, No. 28; July 12, 2024
(a) The Standard Bylaws for State Chartered
				  Credit Unions ("Standard Bylaws"), approved by the commission on February 20,
				  2004, or as subsequently revised or amended, constitute the bylaws which shall
				  be used by credit union incorporators.
(b) The commissioner is expressly authorized
				  to approve deviations from and amendments to the standard bylaws, unless the
				  deviation or amendment violates applicable law.
(c) Credit unions desiring to amend articles
				  of incorporation or bylaws must submit a written application, in such form as
				  the commissioner may prescribe. The application shall include the text of the
				  amendment, the date that the board of directors adopted the amendment, a brief
				  statement explaining the purpose of the amendment, information regarding the
				  financial impact on the credit union if the amendment is approved, and any
				  other information the commissioner may require to make a decision on the
				  amendment.
(d) The commissioner
				  shall determine whether or not an application is complete within thirty day of
				  its receipt and provide written notice of the determination. If the application
				  is deemed incomplete, the notice shall provide with reasonable specificity the
				  deficiencies in the application.
(e) The commissioner does not need to provide
				  notice as prescribed in §91.103 (relating to Public Notice of Department
				  Decisions and §91.104 (relating to Public Notice and Comment on Certain
				  Applications) for applications that apply for standard optional field of
				  membership provisions (1), (2), (3), and (4) as contained in the Standard
				  Bylaws "Appendix A".
(f) A credit
				  union's board of directors may amend its bylaws to adopt any standard bylaw
				  without approval by the commissioner provided:
(1) the wording of the amendment is identical
				  to the Standard Bylaws; and
(2) the
				  credit union submits a completed, fully executed Certification of Resolution of
				  Amendment to Credit Union Bylaws ("Certification") to the commissioner. The
				  commissioner will promptly acknowledge receipt of the Certification. The
				  amendment will be effective as of the date the commissioner acknowledges
				  receipt of the Certification.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter B - ORGANIZATION PROCEDURES › Section 91.203 - Share and Deposit Insurance Requirements

Current through Reg. 49, No. 28; July 12, 2024
(a) All credit unions in the State of Texas
				  shall obtain share insurance protection as provided in Chapter 95 of this title
				  (pertaining to Share and Depositor Insurance Protection).
(b) With the approval of the commissioner,
				  and if recognized by its insuring organization, a credit union may, from time
				  to time as determined by its board of directors, issue uninsured membership
				  shares which are subordinate to all other claims, including creditors,
				  shareholders, and the insuring organization. The commissioner may approve the
				  issuance of such accounts conditioned upon specific requirements being
				  met.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter B - ORGANIZATION PROCEDURES › Section 91.208 - Notice of Known or Suspected Criminal Violations

Current through Reg. 49, No. 28; July 12, 2024
(a) Each credit union shall exercise
				  reasonable due diligence to discover, investigate, and report theft,
				  embezzlement, and other types of criminal activity affecting the credit union.
				  The credit union shall provide written notice to the Department within 30
				  calendar days for any of the following known or suspected criminal violations:
(1) Insider abuse involving any
				  amount,
(2) Other transactions,
				  including potential money laundering or violations of the Bank Secrecy Act,
				  aggregating $5,000 or more,
(3)
				  Losses resulting from robbery or burglary.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter B - ORGANIZATION PROCEDURES › Section 91.210 - Foreign Credit Unions

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions.
(1) Foreign credit union--a credit union that
				  is not chartered or otherwise organized under the laws of this state or the
				  United States.
(2) Local service
				  area--an area that is within reasonable proximity of a foreign credit union's
				  office, allowing members to be realistically served from that office.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter C - MEMBERS › Section 91.301 - Field of Membership

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  General. Membership in a credit union shall be limited to one or more groups,
				  each of which (the Group) has its own community of interest as outlined under
				  Texas Finance Code Section
				  RSA 122.051.
The commissioner may impose a geographical limitation on
					 any Group if the commissioner reasonably determines that the applicant credit
					 union does not have the ability to serve a larger group or there are other
					 operational or management concerns.
(b) Other persons eligible for membership. A
				  number of persons by virtue of their close relationship to a Group may be
				  included in the field of membership at the option of the applicant credit
				  union. These include:
(1) members of the
				  family or household of a member of the Group;
(2) volunteers performing services for or on
				  behalf of the Group;
(3)
				  organizations owned or controlled by a member or members of the Group, and any
				  employees and members of those organizations;
(4) spouses of persons who died while in the
				  Group;
(5) employees of the credit
				  union; and
(6) subsidiaries of the
				  credit union and their employees; and businesses and other organizations whose
				  employees or members are within the Group.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter C - MEMBERS › Section 91.302 - Election or Other Membership Vote By Electronic Balloting, Early Voting, Absentee Voting, or Mail Balloting

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  All credit unions should actively promote member participation in elections and
				  other membership votes as long as the costs are reasonable and the integrity of
				  the vote is not compromised. Any credit union instituting alternative
				  procedures or systems to benefit members who find it difficult or inconvenient
				  to vote at annual or special meetings must ensure that the alternative is
				  thoroughly explained and publicized so that all members will be able to take
				  advantage of those procedures or systems.
(b) The board of directors, before holding an
				  election or other membership vote that uses electronic balloting, early voting,
				  absentee voting, or mail balloting, shall establish written election rules,
				  including procedures to: control, tabulate and retain ballots; identify invalid
				  ballots; and handle disputed election results and tie votes.
(c) Any elections or other membership vote
				  using electronic balloting, early voting, absentee voting, or mail balloting
				  are subject to the following conditions:
(1)
				  The election tellers shall be appointed by the board of directors;
(2) At least 30 days prior to the annual or
				  special meeting, the board of directors will cause either a printed ballot or
				  notice of a ballot, along with appropriate instructions, to be mailed to all
				  members eligible to vote;
(3)
				  Completed electronic or mail ballots cast during early or absentee voting must
				  be received prior to convening the annual or special meeting;
(4) The votes will be tallied by the tellers
				  and the results of the vote will be made public at the annual or special
				  meeting.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter C - MEMBERS › Section 91.310 - Annual Report to Membership

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Every credit union shall provide to its membership an annual written report, as
				  prescribed below. The report must be updated before the credit union's annual
				  meeting and shall be available on the credit union's website throughout the
				  year. Any credit union that does not maintain a website shall distribute the
				  report at its annual meeting and must notify members at least annually that
				  copies of the report are available upon request.
(b) The annual report shall cover the credit
				  union's operations during the preceding calendar year and shall contain, at a
				  minimum, the following information:
(1) the
				  names and dates of expiration of the terms of office for each director on the
				  credit union's board;
(2) the names
				  of any honorary or advisory directors appointed by the board;
(3) a brief description of any changes, since
				  the last report, to the credit union's:
(A)
				  senior management staff;
(B) bylaws
				  or articles of incorporation;
(C)
				  financial condition and operating results;
(D) membership size and services offered;
				  and
(4) the credit
				  union's year end balance sheet and income/expense statement.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter C - MEMBERS › Section 91.315 - Members' Access to Credit Union Documents

Current through Reg. 49, No. 28; July 12, 2024
(a) Required Notice. Every credit union shall
				  provide notice to its membership of the availability of certain documents
				  related to the credit union's finances and management.
(b) Delivery of Required Notice. A credit
				  union shall post a copy of the required notice on its website throughout the
				  year. The notice required by this section shall be published in the credit
				  union's newsletter twice a year. If a credit union does not maintain a website
				  and distribute a newsletter at least semiannually, the credit union shall
				  provide the notice at least semiannually with each member's account
				  statement.
(c) Documents Available
				  to Members. Upon request, a member is entitled to review or receive a copy of
				  the most recent version of the following credit union documents:
(1) balance sheet and income statement (the
				  non-confidential pages of the latest call report may be given to meet this
				  requirement);
(2) a summary of the
				  most recent annual audit completed in accordance with §
											RSA
				  91.516 of this chapter (relating to Audits
				  and Verifications);
(3) written
				  board policy regarding access to the articles of incorporation, bylaws, rules,
				  guidelines, board policies, and copies thereof; and
(4) Internal Revenue Service Form
				  990.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter D - POWERS OF CREDIT UNIONS › Section 91.401 - Credit Union Ownership of Property

Current through Reg. 49, No. 28; July 12, 2024
(a) Definitions. The following words and
				  terms, when used in this section, shall have the following meanings, unless the
				  context clearly indicates otherwise.
(1)
				  Equipment includes all movable furniture, fixtures, and equipment of the credit
				  union, its branch offices, and consolidated credit union service organizations,
				  including automobiles and other vehicles, and any lien on the above.
(2) Immediate family member--a spouse or
				  other family member living in the same household.
(3) Premises include the cost less
				  accumulated depreciation, of land and buildings actually owned and occupied (or
				  to be occupied) by the credit union, its branch offices, and consolidated
				  credit union service organizations. This includes vaults, fixed machinery,
				  parking facilities, and real estate acquired and intended, in good faith, for
				  future expansion. It also includes capitalized leases, leasehold improvements,
				  and remodeling costs to existing premises.
(4) Senior Management Employee--the chief
				  executive officer, any assistant chief executive officers (e.g. vice presidents
				  and above) and the chief financial officer.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter D - POWERS OF CREDIT UNIONS › Section 91.402 - Insurance for Members

Current through Reg. 49, No. 28; July 12, 2024
(a) Authority. A
				  credit union may make insurance products available to its members, including
				  insurance products at the individual member's expense, subject to the following
				  conditions:
(1) Except as provided in
				  paragraphs (2) and (3) of this subsection, the purchase of any type of
				  insurance coverage by a member must be voluntary, and a copy of the signed and
				  dated written election to purchase the insurance must be on file at the credit
				  union.
(2) Insurance may be
				  required on a loan if the coverage and the charges for the insurance bear a
				  reasonable relationship to:
(A) the value of
				  the collateral;
(B) the existing
				  hazards or risk of loss, damage, or destruction; and
(C) the amount, term, and conditions of the
				  loan.
(3) if the
				  insurance is a condition of a loan, the credit union shall give the member
				  written notice that clearly and conspicuously states:
(A) that insurance is required in connection
				  with the loan; and
(B) that the
				  member may purchase or provide the insurance from a carrier of the member's
				  choice, or the member may assign any existing insurance coverage.
(4) An officer, director,
				  employee, or committee member of a credit union may not accept anything of
				  value from an insurance agent, insurance company, or other insurance provider
				  offered to induce the credit union to sell or offer to sell insurance or other
				  related products or services to the members of the credit union.
(5) If a credit union replaces an existing
				  loan or renews a loan and sells the member new credit life or disability
				  insurance, the credit union shall cancel the prior insurance and provide the
				  member with a refund or credit of the unearned premium or identifiable charge
				  before selling the new insurance to the member.
(6) The person selling or offering for sale
				  any insurance product in any part of a credit union's office or on its behalf
				  must be at all times appropriately qualified and licensed under applicable
				  State insurance licensing standards with regard to the specific products being
				  sold or recommended.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter D - POWERS OF CREDIT UNIONS › Section 91.403 - Debt Cancellation Products; Federal Parity; Adoption by Reference

Current through Reg. 49, No. 28; July 12, 2024
(a) Authority.
				  Provided it complies with this section, the Truth in Lending Act (
				  RSA
				  1601 ), and the applicable provisions of
				  Regulation Z (12 C.F.R. Part 226), a credit union may offer any debt
				  cancellation product, including a debt cancellation contract (DCC) and a debt
				  suspension agreement (DSA), a federal credit union is permitted to offer. For
				  the purposes of this section, a debt cancellation product is a two-party
				  agreement between the credit union and the member under which the credit union
				  agrees to waive, suspend, defer, or cancel all or part of a member's obligation
				  to pay an indebtedness under a lease, loan, or other extension of credit upon
				  the occurrence of a specified event. Debt cancellation products are considered
				  loan products governed by this section and applicable provisions of the Finance
				  Code, not insurance products and, consequently, are not regulated by the Texas
				  Department of Insurance. The credit union may offer debt cancellation products
				  for a fee pursuant to the authority set forth in Finance Code § 123.003,
				  relating to enlargement of powers and parity and the authority federal credit
				  unions have to offer such products; the fee also is authorized by Finance Code
				  § 124.101, relating to borrower payment of loan expenses. If the debt
				  cancellation product is offered for a fee, the member's participation in the
				  debt cancellation program must be optional, and the member must be informed of
				  the fee and that participation is optional.
(b) Anti-tying and Refund Rules. For any debt
				  cancellation product offered by a credit union:
(1) The credit union may not extend credit
				  nor alter the terms or conditions of an extension of credit conditioned upon
				  the member entering into a debt cancellation product with the credit union;
				  and
(2) If the debt cancellation
				  product provides for a refund of unearned fees, the unearned fees must be
				  calculated using a method that produces a result at least as favorable to the
				  member as the actuarial method. Before the member purchases the debt
				  cancellation product, the credit union must state in writing that the purchase
				  of the debt cancellation product is optional, the conditions for and method of
				  calculating any refund of the debt cancellation fee, including when fees are
				  considered earned by the credit union, and that the member should carefully
				  review all of the terms and conditions of the debt cancellation agreement prior
				  to signing the agreement.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter D - POWERS OF CREDIT UNIONS › Section 91.404 - Purchasing Assets and Assuming Deposits and Liabilities of Another Financial Institution

Current through Reg. 49, No. 28; July 12, 2024
(a) Scope. A
				  credit union must obtain the approval of the Department before purchasing all
				  or substantially all of the assets and/or assuming certain deposits and other
				  liabilities of another financial institution. This section does not apply to
				  purchases of assets that occur as a result of a credit union's ordinary and
				  ongoing business of acquiring obligations of its members.
(b) Approval Requirement.
(1) A credit union must file an application
				  and obtain the written approval of the Department before entering into any type
				  of purchase and assumption agreement.
(2) In determining whether to approve an
				  application under this section, the Department will consider the purpose of the
				  transaction, its impact on the safety and soundness of the credit union, and
				  any effect on the credit union's existing members. The Department may deny the
				  application if the transaction would have a negative effect on any of those
				  factors.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter D - POWERS OF CREDIT UNIONS › Section 91.405 - Records Retention and Preservation

Current through Reg. 49, No. 28; July 12, 2024
(a) General. Every credit union shall keep
				  records of its transactions in sufficient detail to permit examination, audit
				  and verification of financial statements, schedules, and reports it is required
				  to file with the Department or which it issues to its members. Credit union
				  accounts, books and other records shall be maintained in appropriate form and
				  for the minimum periods prescribed by this section. The retention period for
				  each record starts from the last entry or final action date and not from the
				  inception of the record.
(b) Manner
				  of maintenance. Records may be maintained in whatever manner, or format a
				  credit union deems appropriate; provided, however, the records must clearly and
				  accurately reflect the information required, provide an adequate basis for the
				  examination and audit of the information, and be retrievable easily and in a
				  readable and useable format. A credit union may contract with third party
				  service providers to maintain records required under this part.
(c) Permanent retention. It is recommended
				  that the following records be retained permanently in their original form:
(1) charter, bylaws, articles of
				  incorporation, and amendments thereto; and
(2) currently effective certificates or
				  licenses to operate under programs of various government agencies.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter D - POWERS OF CREDIT UNIONS › Section 91.406 - Credit Union Service Contracts

Current through Reg. 49, No. 28; July 12, 2024
A credit union may enter into contractual agreements with
					 one or more credit unions or other organizations for the purpose of engaging in
					 authorized activities that relate to electronic data processing, electronic
					 fund transfers, or other member services on behalf of the credit union.
					 Agreements must be in writing and shall advise all parties that the activities
					 and services may be subject to commission rules and examination by the
					 commissioner to the extent permitted by law.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter D - POWERS OF CREDIT UNIONS › Section 91.407 - Electronic Notification

Current through Reg. 49, No. 28; July 12, 2024
A credit union may, in accordance with written board
					 policy, satisfy any "written" member notification requirement of the Act,
					 commission rules, or the credit union's bylaws by electronic means
					 provided:
(1) the member agrees in
				  writing or electronically to use electronic instead of hard-copy
				  notifications;
(2) the member has
				  the ability to print or download the notification;
(3) evidence of the electronic notification
				  is retained in accordance with §91.405 (relating to Records Retention);
				  and
(4) both the credit union and
				  the member have the capacity to receive electronic messages.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter D - POWERS OF CREDIT UNIONS › Section 91.408 - User Fee for Shared Electronic Terminal

Current through Reg. 49, No. 28; July 12, 2024
A credit union that owns an electronic terminal that is
					 connected to a shared network may impose a fee on a non-member for the use of
					 that terminal if imposition of the fee is disclosed in compliance with
					 applicable federal law.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter E - DIRECTION OF AFFAIRS › Section 91.501 - Director Eligibility and Disqualification

Current through Reg. 49, No. 28; July 12, 2024
(a) Board Representation. The credit union's
				  bylaws shall govern board selection and election procedures. No credit union
				  shall adopt or amend its articles of incorporation or bylaws to designate or
				  reserve one or more places on the board of directors for any classification
				  that results in a restriction or infringement upon the equal rights of all
				  members to vote for, or seek any position on, the board of directors of the
				  credit union. In addition, each credit union shall adopt policies and
				  procedures that are designed to assure that the elections of directors are
				  conducted in an impartial manner.
(b) Qualifications. A member may not serve as
				  director of a credit union if that member:
(1) has been convicted of any criminal
				  offense involving dishonesty or breach of trust;
(2) is not eligible for coverage by the
				  blanket bond required under the provisions of the Act, or §
											RSA
				  91.510 of this title (relating to Bond and
				  Insurance Requirements);
(3) has
				  had a final judgment entered against him/her in a civil action upon the grounds
				  of fraud, deceit, or misrepresentation;
(4) has a payment on a voluntary obligation
				  to the credit union that is more than 90 days delinquent or has otherwise
				  caused the credit union to suffer a financial loss;
(5) has been removed from office by any
				  regulatory or government agency as an officer, agent, employee, consultant or
				  representative of any financial institution;
(6) has been personally made subject to an
				  operating directive for cause while serving as an officer, director, or senior
				  executive management person of a financial institution; or has caused or
				  participated in a prohibited activity or an unsafe or unsound condition at a
				  financial institution which resulted in the suspension or revocation of the
				  financial institution's certificate of incorporation, or authority or license
				  to do business;
(7) has failed to
				  complete and return a director application in accordance with subsection (c) of
				  this section; or
(8) refuses to
				  take and subscribe to the prescribed oath or affirmation of office.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter E - DIRECTION OF AFFAIRS › Section 91.502 - Director/Committee Member Fees, Insurance, Reimbursable Expenses, and Other Authorized Expenditures

Current through Reg. 49, No. 28; July 12, 2024
(a)
				  Expense reimbursement. A credit union may reimburse out-of-pocket travel and
				  related expenses that are reasonable and appropriate for the business activity
				  undertaken. A credit union shall adopt a written board policy to administer and
				  control travel expenses paid or incurred in connection with directors or
				  committee members carrying out official credit union business.
(b) Payment of fees. Subject to the
				  provisions of this rule, a credit union may pay a reasonable meeting fee to any
				  of its directors, honorary directors, advisory directors, (hereafter referred
				  to as directors) or committee members for attending duly called meetings at
				  which appropriate credit union business is conducted. Any credit union electing
				  to pay any type of meeting fee shall annually disclose to the membership the
				  fees paid in the prior calendar year and scheduled to be paid in the current
				  calendar year. This disclosure may be provided to the members as part of the
				  credit union's annual report as prescribed in §
										RSA
				  91.310 of this title (relating to annual
				  report to membership). A credit union, however, may not pay any meeting fees to
				  a director or committee member if the credit union is operating under a Net
				  Worth Restoration Plan; or an order issued under Finance Code §
										RSA
				  122.257 or §
										RSA
				  122.258.
(c) Enforcement Authority; Prohibition. The
				  commissioner may prohibit or otherwise limit or restrict the payment of meeting
				  fees to directors or committee members if, in the opinion of the commissioner,
				  the credit union has paid, is paying, or is about to pay meeting fees that are
				  excessive as defined in subsection (f) of this section.
(d) Use of credit union equipment. A credit
				  union may provide personal computers, access to electronic mail, and other
				  electronic conveniences to directors during their terms of office provided:
(1) the board of directors determines that
				  the equipment and the electronic means are necessary and appropriate for the
				  directors to fulfill their duties and responsibilities;
(2) the board of directors develops and
				  maintains written policies and procedures regarding this matter; and
(3) the arrangement ceases immediately upon
				  the person's leaving office.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter E - DIRECTION OF AFFAIRS › Section 91.503 - Change in Credit Union President

Current through Reg. 49, No. 28; July 12, 2024
The board of directors, in executing its fiduciary
					 responsibilities, may find it necessary to replace the credit union's
					 president. The board shall submit written notification to the commissioner
					 within ten days of any such personnel change. For purposes of this section, the
					 term president refers to the individual responsible for the day-to-day
					 operation of the credit union, irrespective of the actual title given to such
					 individual.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter E - DIRECTION OF AFFAIRS › Section 91.510 - Bond and Insurance Requirements

Current through Reg. 49, No. 28; July 12, 2024
(a) Fidelity bond. Each credit union shall
				  purchase and maintain a blanket fidelity bond covering the officers, directors,
				  employees, committee members, and its agents, against loss caused by
				  dishonesty, burglary, robbery, larceny, theft, holdup, forgery or alteration of
				  instruments, misplacement or mysterious disappearance. All carriers writing
				  credit union blanket bonds must be authorized by the Insurance Commissioner for
				  the state of Texas as an acceptable fidelity on bonds in this state.
(1) Subject to approval by the credit union's
				  board of directors, the amount of coverage to be required for each credit union
				  shall be determined by the credit union, based on its assessment of the level
				  that would be safe and sound in view of the credit union's potential exposure
				  to risk.
(2) Each credit union may
				  maintain bond coverage in addition to that provided by the insurance
				  underwriter industry's standard forms, through the use of endorsements, riders,
				  or other forms of supplemental coverage, if, in the judgment of the credit
				  union's board of directors, additional coverage is warranted.
(3) The commissioner may require additional
				  coverage of any credit union when, in his opinion, the fidelity bond in force
				  is insufficient to provide adequate fidelity coverage. It shall be the duty of
				  the board of directors to obtain the additional coverage within 30 days after
				  the date of written notice of the findings by the commissioner.
Texas Administrative Code › Title 7 - BANKING AND SECURITIES › Part 6 - CREDIT UNION DEPARTMENT › Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS › Subchapter E - DIRECTION OF AFFAIRS › Section 91.515 - Financial Reporting

Current through Reg. 49, No. 28; July 12, 2024
(a) Each credit
				  union having assets of $10 million or greater shall:
(1) prepare and maintain, on an accrual
				  basis, accurate and complete records of its business transactions in accordance
				  with generally accepted accounting principles, except as otherwise directed by
				  regulatory requirements; and
(2)
				  prepare its financial statements and reports, including reports to the members,
				  board of directors, management and the department, in accordance with generally
				  accepted accounting principles, except as otherwise directed by regulatory
				  requirements.