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Texas Credit Union Commission Meetings Nov. 2-3
Tuesday, October 31, 2017 6:40 AM

The Rules Committee will meet at the Credit Union Department Building located at 914 Anderson Lane in Austin, at 2 p.m. on Thursday, Nov. 2, 2017. The Commission will meet at the same location on Friday, Nov. 3, 2017 at 9 a.m.

The Rules Committee will vote on recommendations to the Credit Union Commission about adoption of the following items:

  • 7 TAC Section 91.101: to provide clarification, better readability, and technical corrections concerning definitions and interpretations.
  • 7 TAC Section 91.115: to reduce regulatory burdens tied to ATM safety requirements by authorizing delivery of notice by electronic means in certain circumstances. 
  • 7 TAC Section 91.121 (b): to update consumer complaint notifications to include the department’s facsimile number and email address and to ease compliance by permitting credit unions to make non-substantive changes to the notice.
  • 7 TAC Section 91.205: to clarify credit union responsibility with proposed name changes to reduce risk of infringement or cause confusion.
  • 7 TAC Section 91.209: to eliminate the specific due date for submission of call reports to avoid any conflict or confusion if the NCUA should establish a different due date for submitting Form 5300.
  • The Commission requested that the proposed amendment to 7 TAC Section 91.1003 requiring credit unions to include a description in their merger plan of any arrangements providing a material increase in compensation or benefits, of any sort, to a board member or senior management employee in connection with the merger/consolidation be changed to clarify that notice is required for "substantial" increase in compensation or benefits and the addition of a corresponding definition of "substantial" as over $1,000.
  • Withdrawal of the previously proposed new 7 TAC Section 91.1010 and republish the revised proposal for comment designed to provide guidance to credit unions when they are considering a voluntary liquidation of a solvent institution. 
  • Adoption of the Completed Rule Review of 7 TAC, Part 6, Chapter 91, Subchapters D (Powers of Credit Unions), M (Electronic Operations), and N (Emergency or Permanent Closing of Office or Operation).       
  • Approval for Publication and Comment the Proposed Amendments to 7 TAC Section 91.4001, which would impose a new requirement that credit unions using electronic means or facilities to employ a tested incident response to minimize the impact of a data breach or other incident on members; expands the examples of electronic means or facilities to include mobile applications and eliminates the reference to the World Wide Web.
  • Approval for Publication and Comment the Proposed Amendments to 7 TAC Section 91.4002, which would require a credit union to review the adequacy of its website’s security measures annually instead of once every two years and updates the rule for clarification and better readability.
  • Approval for Publication and Comment the Proposed Amendments to 7 TAC Section 91.5001 that would encourage credit unions to post notice of emergency closing of an office or operation on its website and social media pages.
  • Approval for Publication and Comment the Proposed Amendments to 7 TAC Section 91.5005, which would require credit unions to post notice of a permanent closing of an office on its website and social media pages at least 30 days prior to the closing.
  • Approval for Publication and Comment the Proposed Amendments, a New Section, and a Repeal in 7 TAC, Part 8, Chapter 153, to implement the changes to the home equity lending law if SJR 60 (Proposition 2) is approved by the voters on Nov. 7, 2017. The law would change on January 1, 2018.
  • Discussion and Consideration on Potential Rules to Implement HB 471 (Proposition 7 on the Nov. 7 Ballot), enabling legislation for HJR 37, which would allow credit unions and other financial institutions to hold savings promotion raffles.

On Friday morning, the Commission will consider the recommendations of the Rules Committee on the matters listed above.

The members of the Commission will hear a report from the Commissioner evaluation Committee on the Commissioner’s FY 2017 performance review and FY 2018 remuneration, review the Department’s FY 2018 financial performance, and the status of the state credit union system. The members of the Commission consider and possibly vote on the re-adoption of the Department’s Equal Employment and Workforce Diversity Plan.

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