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March Texas Credit Union Commission Meeting
Monday, March 13, 2017 6:55 AM

The Texas Credit Union Commission held their regularly scheduled meeting on Friday, March 10. All meeting materials can be found here.

The Commission readopted Chapter 97.

The Commission also approved for publication and comment, the Credit Union Department’s recommended changes to procedures for petitioning for adoption or amendment of rules for publication for comment.

The 7 TAC Section 97.104 will be repealed and relocated to the new Subchapter F of 7 TAC, Chapter 97, named "Rulemaking," for better transparency and ease of reference.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.

The Department recommended that 7 TAC Section 95.105 be updated to clarify that examinations must be conducted at least once within a 12-month period, rather than within a calendar year. According to Commissioner Harold Feeney, the change was to remove any possible ambiguity in the language and does not change the Department’s practice.

In addition, annual examination intervals may be extended to a maximum of 18 months, subject to safety and soundness considerations, without Commission approval. The Commission approved the recommendation for publication for comment.

The Commissioner reported on the results of the State Auditors Report on the Department, and the Commission approved the agency’s 2017 Internal Risk Assessment for submission to the State Auditor. The Commission also approved revisions to the policies manual and ethics standards at the Department. In addition, the Commission approved the budget policies and guidelines for the 2018 budget.

The credit union industry remains strong. As of Sept. 30, 2016, Texas had 184 state-chartered credit unions. Since then, two federally chartered credit unions have changed to state charters, bringing the number to 186.

Credit unions saw an increase in their assets of $.3 billion from the same time in 2015 for an annualized growth rate of 6.7 percent. The loan growth rate is 8.5 percent for the same time period. Thirty-eight credit unions reported losses, and 146 reported positive net incomes. The number of credit unions with a CAMEL rating of 3 or higher dropped to 19 in 2016 from 33 in 2015.

The Commissioner gave a report on legislative issues the Department has identified that will affect the agency or the credit union industry.

Four credit unions will receive resolutions commemorating their 50 or more years in business as of 2017. They are Amplify Credit Union, Lone Star Credit Union, Shared Resources Credit Union, and Reeves County Teachers Credit Union.

The Commission acknowledged Dick Ensweiler’s retirement from the Cornerstone Credit Union League after more than 50 years of service in the credit union movement.

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