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Comment Period Begins for Texas CU Department Proposed Rules
Wednesday, August 1, 2018 6:50 AM

The Texas Credit Union Commission approved proposed rules changes for publication and comment during its meeting on July 13, 2018. They were published in the Texas Register on July 27, and the comment period will run through Aug. 27, 2018. Written comments may be submitted to Commissioner Harold Feeney at the Credit Union Department, 914 East Anderson Lane in Austin, Texas 78752-1699, or via email to CUDMail@cud.texas.gov.

Amendments to 7 TAC Section 91.121 explain how to file a complaint with the Department, how a complaint is handled after receipt, the authority of the Department in reviewing complaints, and the privacy of information provided in a complaint.

Amendments to 7 TAC Section 91.403 update the standards governing debt cancellation products. It makes clear that credit unions must comply with Truth in Lending Act and the applicable provisions of Reg Z; removes language that could be construed to prohibit offering no refund debt cancellations products, which are permitted for federally chartered credit unions; and adds guidance for best practices related to the offer and sale of debt cancellation products.

Amendments to 7 TAC Section 91.709 amend the Federal Credit Union Act to remove loans that are fully secured by a lien on a 1-to-4 family dwelling that is not the primary residence of the member borrower from the statutory member business loan (MBL) cap. Prior to the recent passage of S. 2155, The Economic Growth, Regulatory Relief and Consumer Protection Act of 2018, a residential loan could only be excluded from the MBL cap if the loan was secured by a dwelling that was the member's primary residence.

Amendments to 7 TAC Section 91.712 will allow a plastic card to be activated by logging onto the card issuer/processor’s website to go through a member verification process.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.