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Comments on Texas CUD Proposed Rule Changes Due August 27
Wednesday, August 16, 2017 6:50 AM

The comments for proposed rule changes by the Texas Credit Union Commission are due on August 27, 2017. Published in the July 28, 2017 issue of the Texas Register, pages 9–21, the proposed changes affect:

  • 7 TAC Section 91.101: to provide clarification, better readability and technical corrections concerning definitions and interpretations.
  • 7 TAC Section 91.115: to reduce regulatory burdens tied to ATM safety requirements by authorizing delivery of notice by electronic means in certain circumstances. 
  • 7 TAC Section 91.121 (b): to update consumer complaint notifications to include the department’s facsimile number and email address and to ease compliance by permitting credit unions to make non-substantive changes to the notice.
  • 7 TAC Section 91.205: to clarify credit union responsibility with proposed name changes to reduce risk of infringement or cause confusion.
  • 7 TAC Section 91.209: to eliminate the specific due date for submission of call reports to avoid any conflict or confusion if the NCUA should establish a different due date for submitting Form 5300.
  • The Commission requested that the proposed amendment to 7 TAC Section 91.1003 requiring credit unions to include a description in their merger plan of any arrangements providing a material increase in compensation or benefits, of any sort, to a board member or senior management employee in connection with the merger/consolidation be changed to clarify that notice is required for "substantial" increase in compensation or benefits and the addition of a corresponding definition of "substantial" as over $1,000.
  • The proposed new 7 TAC Section 91.1010 will provide guidance to credit unions when they are considering a voluntary liquidation of a solvent institution.

Comments or suggested changes to the rules should be submitted in writing, by email to cudmail@cud.texas.gov or mailed to the Credit Union Department, 914 E. Anderson Ln., Austin, TX 78752 by August 27, 2017.

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