Cornerstone Files Comment Letter to Texas CU Department

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This week, the Cornerstone League submitted a comment letter addressing the Texas Credit Union Department's proposed amendments to Rule 7 TAC §97.113 concerning fees and charges for state-chartered credit unions. 

Our letter emphasized the importance of transparency and fairness in the fee structure. The letter states: "Cornerstone believes the current rule provides sufficient flexibility for the department to collect an appropriate amount of operating fees in order to cover expenses."

Further, the letter states our opposition to aspects of the proposal that increase fees, including those related to supplemental or special examinations and foreign credit unions. We also expressed opposition to the introduction of a user-based fee schedule that could fluctuate every year or two and “would add an element of unpredictability for credit unions, negatively impacting their capacity to serve their members and communities.”

View Cornerstone’s comment letter.