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Texas CU Commission and Rules Committee to Hold Public Meetings
Thursday, July 12, 2018 7:00 AM

The Rules Committee will meet on Thursday, July 12, at 1 p.m. and the Commission will hold its meeting on Friday, July 13, at 9 a.m. Both meetings will be in the Credit Union Department’s office located at 914 E. Anderson Lane in Austin.

The Rules Committee will consider the following new business:

  • At its March meeting, the Commission approved for publication and comment in the Texas Register the proposed amendments, a new section, and three repeals to Chapter 93. No comments were received regarding the proposed amendments. The proposed amendments relate to consistency with the Administrative Procedure Act Texas Government Code, Chapter 2001 (APA), consistency with the State Office of Administrative Hearings (SOAH) procedural rules, better readability and clarification, and technical corrections.
  • Re-adoption of the completed rule review of 7 TAC, Part 6, Chapter 91 Subchapters G concerning lending powers, with proposed revisions to 7 TAC Section 91.712 that would permit a plastic card to be activated by logging on to the card issuer/processor's website to go through a member verification process.
    • Approval for publication and comment the proposed amendments to 7 TAC Section 91.712 concerning plastic cards. 
  • Approval for publication and comment on the proposed amendments to 7 TAC Section 91.709 concerning member business and commercial loans. The proposed amendments to Rule 91.709 conform the rule to the recent changes to NCUA’s MBL regulation (Part 723) as a result of S. 2155, The Economic Growth, Regulatory Relief and Consumer Protection Act of 2018, which was signed into federal law on May 24, 2018. The bill amends the Federal Credit Union Act to remove certain loans from the statutory Member Business Loan (MBL) cap—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. Under previous law, 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.
  • Approval for publication and comment on the proposed amendments to 7 TAC Section 91.121 concerning Complaint Notification. The purpose of the proposed amendments is to 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.
  • Approval for publication and comment on the proposed amendments to 7 TAC Section 91.403 concerning debt cancellation products. The proposed amendments will update the standards governing debt cancellation products in order to clarify the expectation for credit unions that offer such products to their members. The proposed changes to:
    • subsection (a) make clear that credit unions must comply with the Truth in Lending Act (15 U.S.C. 1601) and the applicable provisions of Regulation Z (12 C.F.R. Part 226);
    • subsection (b) removes language that could be construed to prohibit the offering of a no refund debt cancellation product in a manner that is permitted for federal credit unions; and
    • new subsection (f) adopt and incorporate by reference the guidance issued by NCUA in its Letter to Federal Credit Unions No. 03-FCU- 06 and directs credit unions to look to 12 C.F.R. Part 37, for guidance as to best practices related to the offer and sale of debt cancellation products.

In its Friday meeting, the Commission will hear the recommendations of the Rules Committee on the items above. In addition, the Commissioner Evaluation Committee will make its report to the Commission on the Commissioner’s FY 2019 performance objective and goals and procedures for the Commissioner’s FY 2018 performance review.

The Commission will discuss the Department’s 2018 budget and financial performance and the status of the state credit union system and review the Department’s operating plan and budget for FY 2019.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or