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Texas CU Commission Meets to Discuss FOM Proposal/Home Equity Rules
Wednesday, March 2, 2016 7:00 AM

The Texas Credit Union Commission Rules Committee will meet on Thursday, March 3, at 1 p.m. in Room E2.030 in the Capitol. The Texas Credit Union Commission will meet on Friday, March 4, at 9 a.m. in the same location. 

The Rules Committee will withdraw the previously proposed changes to field-of-membership (FOM) rules that were published for comment in the Oct. 30, 2015, issue of the Texas Register. The committee will discuss and possibly vote to recommend for publication and comment the proposed amendments to 7 TAC 91.301 concerning FOM.

The Rules Committee will also take action on the following items:

  • Scheduled rule review and possible re-adoption of the current sections 7 TAC 91.302 (Election or Other Membership Vote by Electronic Balloting, Early Voting, Absentee Voting, or Mail Balloting), 91.310 (Annual Report to Membership), and 91.305 (Relating to Members Access to CU Documents);
  • Review and recommend that the CU Commission adopt rules under new section 7 TAC 97.200 to implement HB 3337 related to tuition reimbursement for employees/administrators of state agencies;
  • Discuss re-adoption of Chapters 151 (Home Equity Lending Procedures), 152 (Repair, Renovation, and New Construction on Homestead Property), and 153 (Home Equity Lending) under state-mandated rule review; and
  • Discuss NCUA’s recent FOM amendments under 12 CFR Part 723 for federally chartered credit unions and how the Department’s rules for state-chartered credit unions under 7 TAC 91.709 may be affected.

During the Friday meeting, the commissioners will hear the report from the Rules Committee meeting on the above matters. They will also consider several administrative issues including submission of the department’s annual risk assessment report, proposed amendments to the commission’s policies manual, ethics standards policy, budget policy related to year-end carryover of payables and adoption of a new second weapons policy, additional funding for a carryover obligation for FY 2015, the Department’s Strategic Plan for Fiscal Years 2017-2021, and commemorative resolutions for several credit unions.

Following an executive session, the commission may vote to approve the appointment of Robert Etheridge as the new deputy commissioner.

Contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop for more information.