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Comment Period Ends April 24 for TCUD's Proposed Rule Changes
Monday, April 17, 2017 6:50 AM

The comment period for proposed rules changes for the Credit Union Department will end on April 24, 2017. The Commission approved for publication and comment the following changes at its regularly scheduled meeting in March 2017.

  • 7 TAC Section 97.104 will be repealed and relocated to the new Subchapter F of 7 TAC, Chapter 97, named "Rulemaking," for better transparency and ease of reference. The subchapter lists the requirements for petitions to initiate rulemaking proceedings, the Department’s petition review process, and a rule that interested parties can request a hearing before the adoption of any substantive rule.
  • 7 TAC Section 95.105 will be updated to clarify that examinations must be conducted at least once within a 12-month period, rather than within a calendar year. The change was to remove any possible ambiguity in the language and does not change the Department’s practice.
  • Annual examination intervals may be extended to a maximum of 18 months, subject to safety and soundness considerations, without Commission approval.

The proposals were published in the Texas Register on March 24, 2017.

Your Texas Credit Union Association is asking all credit unions to send their comments to cudmail@cud.texas.gov.

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