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Proposed Rule Review

Posted: Jul 21, 2022 | Author:
compliance  TCUD 

The Texas Credit Union Commission (Commission) will review and consider for re-adoption, revision, or repeal, Chapter 91, Subchapter E, concerning direction of affairs, consisting of §§91.501, (Director Eligibility and Disqualification), 91.502 (Director/Committee Member Fees, Insurance, Reimbursable Expenses, and Other Authorized Expenditures), 91.503 (Change in Credit Union President), 91.510 (Bond and Insurance Requirements), 91.515 (Financial Reporting), and 91.516 (Audits and Verifications).

The Commission will review and consider for re-adoption, revision, or repeal, Chapter 91, Subchapter F, concerning accounts and services, consisting of §§91.601 (Share and Deposit Accounts; 91.602 (Solicitation and Acceptance of Brokered Deposits), 91.608 (Confidentiality of Member Records), and 91.610 (Safe Deposit Box Facilities).

An assessment will be made by the Commission as to whether the reasons for adopting or readopting these rules continue to exist. Each rule will be reviewed to determine whether it is obsolete, whether the rule reflects current legal and policy considerations, and whether the rule reflects current procedures of the Credit Union Department.

The Commission also invites your comments on how to make these rules easier to understand. For example:

  • Do the rules organize the material to suit your needs? If not, how could the material be better organized?
  • Do the rules clearly state the requirements? If not, how could the rule be more clearly stated?
  • Do the rules contain technical language or jargon that is not clear? If so, what language requires clarification?
  • Would a different format (grouping and order of sections, use of headings, paragraphing) make the rule easier to understand? If so, what changes to the format would make the rule easier to understand?
  • Would more (but shorter) sections be better in any of the rules? If so, what sections should be changed?

Any proposed changes to these rules as a result of the rule review will be published in the Proposed Rule Section of the Texas Register. The proposed rules will be open for public comment prior to the final adoption by the Commission.

 

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