Part VI.
Credit Union Department
Chapter 91.
Chartering, Operations, Mergers, Liquidations
Subchapter G. Loans
7 TAC §91.701, §91.705
The Texas Credit Union Commission hereby repeals §91.701
pertaining to loans made to credit union members and §91.705 pertaining
to loans to officials, with no changes as published in the February 5, 1999,
issue of the
Texas Register
(24 TexReg 651).
These rules are being repealed in conjunction with the adoption of new
lending rules §§91.701 through 91.719 as published elsewhere in
this issue.
No comments were received regarding the repeal of these sections.
The repeal is adopted under the provisions of Section 15.402
of the Texas Finance Code, which authorizes the commission to adopt reasonable
rules for administering the Texas Credit Union Act.
The specific sections affected by this repeal are Sections 124.001, 124.003,
and 124.202 of the Texas Finance Code pertaining to loans to members and credit
union officials.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on July
20, 1999.
TRD-9904383
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: August 9, 1999
Proposal publication date: February 5, 1999
For further information, please call: (512) 837-9236
7 TAC §§91.701-91.719
The Texas Credit Union Commission adopts new Subchapter G,
§§91.701 through 91.719, concerning loans and extensions of credit
by or involving a credit union. Sections 91.704, 91.709 and 91.715 are adopted
with changes to the text as published in the May 7, 1999, issue of the
In July 1998, the Commission identified its lending rules as an important
area for updating and streamlining. Lending is a key area of credit union
operations and these rules had not been comprehensively reviewed in a number
of years. In order to grant credit unions the maximum flexibility to exercise
the authorities granted to them by the Texas Finance Code, the Commission
has revised the general approach to regulating lending activities. The Commission
believes that rules should be reserved for core safety and soundness requirements.
Details on prudent operating practices should be relegated to guidance. Otherwise,
credit unions can find themselves unable to respond to market innovations
because they are trapped in a rigid regulatory framework developed in accordance
with conditions prevailing at an earlier time. Accordingly, Subchapter G will
now address only the authority of credit unions to limit, interpret or recognize
incidental authority. Credit unions may exercise all of the authority granted
by the Texas Finance Code subject only to limitations contained in the rules.
Comments were received from the Texas Credit Union League, Goodyear Employees
Credit Union, and Educational Employees Credit Union. The commenters were
generally supportive of the rules. One comment addressed §91.719(e) that
requires credit union presidents to report semiannually to their boards of
directors the outstanding indebtedness of all directors, credit committee
members, senior executive staff, and immediate family members of such individuals.
The commenter believes this reporting requirement is overly burdensome given
the requirements of existing §91.905 and that some credit unions must
review all loans made at each monthly board meeting. In response the Commission
points out that a credit union has no requirement in either statute or Commission
rules that all loans must be reviewed by its board of directors on a monthly
basis. Furthermore, §91.705 which currently requires the presidents to
report to the directors on the aforementioned loans made during the month
is being repealed. Therefore, the adoption of §91.719 does not impose
any new reporting requirements on a credit union but, in fact, lessens the
frequency of such reporting.
Two comments were received on §91.701. Under subsection (a), the commenter
questioned whether the reference to the "act" is correct or should a reference
be made to the Texas Finance Code. Section 121.001 of the Texas Finance Code
states that Subtitle D of the Texas Finance Code may be cited as the Texas
Credit Union Act. Section 91.102 of this title (relating to Definitions) defines
"Act" as the Texas Credit Union Act. The second comment refers to subsection
(e) that states the commissioner's denial on a waiver request cannot be appealed.
The commenter believes this requirement could raise the potential for one
individual to exert undue influence on a credit union or the industry in general.
In response the Commission would point out that it sets forth the rules governing
certain operating practices of credit unions. The commissioner is charged
with enforcing the compliance with the rules. By denying a waiver request,
the commissioner is merely requiring the credit union to comply with the Commission's
direction. Therefore, under the Texas Administrative Procedures Act, the appropriate
response for a credit union denied a waiver is to petition the Commission
to either modify the existing rule or adopt a new rule.
One comment received states that there is ambiguity inherent in the wording
of §91.703(b) pertaining to commissioner approval of certain variable
rate indexes for lending transactions. The commenter is concerned that any
time the underlying rate tied to an index changes, the credit union would
need to seek another approval. The Commission is concerned with how an index
will be derived, how credit unions will ensure the index's availability and
verifiability, and how the index will be disclosed to members. Once the Commissioner
has reviewed and approved an index, the credit union would not need to request
a new waiver for rate changes tied to the approved index. However, subsequent
notice to and approval by the Department is necessary if the credit union
establishes a new index. The Commission believes this intent is clear in the
existing text.
Two comments were received on §91.712 pertaining to plastic cards.
One commenter expressed concern that the annual risk review provision in subsection
(c) could create a financial burden depending on the size and complexity of
a credit union and its credit card portfolio. The Commission disagrees and
believes the requirement is necessary and prudent to address safety and soundness
concerns surrounding plastic card programs. The rule simply requires a credit
union to access the amount of losses experienced due to fraud or card theft
and the cost of loss prevention measures, and to determine whether it would
be cost effective to utilize or modify existing loss prevention measures.
Furthermore, there is no requirement that this review be done by a third party.
The other comment questions whether the establishment of a segregated contingency
reserve referenced in subsection (d) is intended as a suggestion or a recommendation.
The Commission believes it is neither. The subsection merely provides authority
for a credit union to establish a specific reserve for potential plastic card
losses if the credit union so chooses.
The last comment received pertains to the definition of a full-payout lease
contained in §91.714(a)(2). The commenter states that the payment percentage
comparison between a lease loan and a market rate loan depends greatly on
the residual value of the vehicle being leased. Specifically, an extremely
high residual value could cause the lease payment to be less than 75% of a
market rate loan payment. The Commission believes that for safety and soundness
reasons, establishing the minimum residual value at 25 percent is necessary.
For those circumstances whereby a credit union with strong capital can show
that prudent underwriting criteria and market conditions justify additional
flexibility, the credit union can apply to the commissioner for a waiver as
stated in §91.701(e) of this chapter.
State-chartered credit unions are subject to certain rules and regulations
promulgated by the National Credit Union Administration (NCUA) who oversees
the federal share and deposit insurance fund. One such rule pertains to member
business loans. However, §723.20 of the NCUA's Rules and Regulations
exempts a federally insured state-chartered credit union from the federal
member business lending rules if NCUA approves the state's rule on the basis
that the state rule is substantially equivalent to the federal rule. The Department
submitted proposed §91.709 to the NCUA for approval. NCUA responded that
certain changes are necessary before the rule can be approved. Accordingly,
the Commission has made the following changes. Subsection (a)(3) was amended
to make it clear that loans equal to $50,000 are not considered member business
loans. The term "equity" in subsection (b)(2)-(4) was changed to "net worth"
which is subsequently defined in subsection (f)(2). Loan-to-value limitations
were added to subsection (b)(8)(A). Subsection (b)(9) was amended to specifically
state which employees are prohibited from obtaining member business loans
at their credit unions. The aggregate dollar threshold stated in subsection
(c) was increased from $75,000 to $100,000. A new subsection (d) was added
to address construction and development loans relating to both commercial
or residential property. Lastly, a new subsection (e) was added to state the
federal limitation on the aggregate amount of outstanding member business
loans a credit union may have on its books. As stated previously state-chartered
credit unions must currently follow the federal regulation; these changes
merely incorporate those federal requirements into 7 TAC §91.709.
The Commission has also made three nonsubstantive changes on its own volition.
For clarity the Commission inserted the text "(other than home equity)" after
the term "Owner-occupied" in §91.704(b)(1)((C). The Commission also corrected
a typographical error contained in §91.704(d)(1) by changing the work
"ration" to "ratio." Lastly, for clarity and in order to keep the reporting
requirements contained in the same subsection, the Commission has moved the
last sentence in §91.715(f) to between the first and second sentences
of §91.715(f).
The new sections are adopted under the provisions of the Texas
Finance Code, § 124.001 and §15.402. The Commission interprets §124.001
as providing the Credit Union Commission with the authority to adopt rules
governing loans made to credit union members. The Commission interprets §15.402
as authorization for the commission to adopt reasonable rules for administering
the Texas Credit Union Act.
§91.704.Real Estate Lending.
(a)
A credit union, before engaging in any real estate lending
activity, shall establish, in addition to the requirements of §91.701(c)
of this title (relating to Lending Powers), loan administration procedures
that address the following, as applicable:
(1)
Title insurance;
(2)
Escrow administration;
(3)
Loan payoffs;
(4)
Collection and foreclosure; and
(5)
Servicing and participation agreements.
(b)
Loan to Value Limitations.
(1)
The board of directors shall establish their own internal
loan-to-value limits for real estate loans based on type of loan. These internal
limits, however, shall not exceed the following regulatory limits:
(A)
Unimproved land held for investment/speculation - Loan
to value limit 60%
(B)
Interim Construction - Loan to value limit 90%
(C)
Owner-occupied (other than home equity) - Loan to value
limit 95%
(D)
Home equity ( Loan to value limit 80%
(E)
Other - Loan to value limit 80%
(2)
In determining the loan to value limit, a credit
union shall include all loans secured by the same property and the recourse
obligation of any such loan sold with recourse.
(c)
Notwithstanding the general 15-year maturity limit on lending
transactions to members, the board of directors shall establish in policy
internal maximum maturities for real estate lending transactions. These maturities
should not exceed the following regulatory limits:
(1)
Improved residential real estate loans (owner-occupied)
- 40 years
(2)
Improved residential real estate loans (not to be
occupied by owner) - 30 years
(3)
Interim construction loans - 18 months
(4)
Manufactured home (first lien) - 20 years
(5)
Home equity loans - 20 years
(6)
Home improvement loans - 20 years
(7)
All other loans - 15 years
(d)
Exceptions to subsections (b) and (c) of this section are
permitted for the following:
(1)
Loans that subsequently become compliant with loan-to-value
ratio limits due to reduction in principal amount, elimination of senior liens,
or contribution of additional collateral or equity (e.g. improvements to the
real property securing the loan).
(2)
Loans guaranteed or insured by the U.S. government
or its agencies, provided that the amount of the guaranty or insurance is
at least equal to the portion of the loan that exceeds the regulatory loan-to-value
limit.
(3)
Loans backed by the full faith and credit of the state,
provided that the amount of the assurance is at least equal to the portion
of the loan that exceeds the regulatory loan-to-value limit.
(4)
Loans guaranteed or insured by the state, a municipal
or local government, or an agency thereof, provided that the amount of loan
that exceeds the regulatory loan-to-value limit, and provided that the credit
union has determined that the guarantor or insurer has the financial capacity
and willingness to perform under the terms of the guaranty or insurance agreement.
(5)
Loans that are to be sold promptly after origination,
without recourse, to a financially responsible third party.
(6)
Loans that are renewed, refinanced, or restructured
without the advancement of new funds or an increase in the line of credit
(except for reasonable closing costs) where consistent with safe and sound
credit union practices and part of a clearly defined and well-documented program
to achieve orderly liquidation of the debt, reduce risk of loss, or maximize
recovery on the loan.
(e)
Exception loans granted in compliance with subsection (d)
of this section shall be identified in the credit union's records and reported
to the board of directors.
§91.709.Member Business Loans.
(a)
Definition. A member business loan includes any loan, line
of credit, or letter of credit, the proceeds of which will be used for a commercial,
corporate, business investment property or venture, or agricultural purpose,
except that the following shall not be considered a member business loan for
the purposes of this rule:
(1)
A loan secured by a lien on a 1- to 4-family dwelling that
is the member's primary residence;
(2)
A loan fully secured by shares in the credit union
making the extension of credit or deposits in other financial institutions;
(3)
Loan(s) otherwise meeting the definition of a member
business loan made to a member or associated member that, in the aggregate,
is $50,000 or less; or
(4)
A loan where a federal or state agency or one of its
political subdivisions fully insures repayment, or fully guarantees repayment,
or provides an advance commitment to purchase in full.
(b)
A credit union that engages in this type of lending shall
adopt specific member business loan policies and review them at least annually.
The policies, at a minimum, shall address all of the following areas:
(1)
Types of business loans to be made.
(2)
The maximum amount of credit union assets, relative
to credit union net worth, that will be invested in member business loans.
(3)
The maximum amount of credit union assets, relative
to credit union net worth, that will be invested in a given category or type
of member business loan.
(4)
The maximum amount of credit union assets, relative
to credit union net worth, that will be loaned to any one member or group
of associated members, subject to subsection (c) of this section.
(5)
The qualifications and experience requirements for
personnel involved in making and servicing business loans.
(6)
Analysis of the member's initial and ongoing financial
capacity to repay the debt.
(7)
Documentation supporting each request for an extension
of credit or an increase in an existing loan or line of credit, which shall
address all of the following:
(A)
A balance sheet;
(B)
An income statement;
(C)
A cash flow analysis;
(D)
Tax returns;
(E)
Leveraging; and
(F)
Receipt and the periodic updating of financial statements,
tax returns, and other documentation.
(8)
Collateral requirements which include all of
the following:
(A)
Loan-to-value (LTV) ratios (which for all liens cannot
exceed 80% unless the value in excess of 80% is covered through private mortgage
or equivalent insurance but in no case can it exceed 95%);
(B)
Appraisal, title search, and insurance requirements; and
(C)
Steps to be taken to secure various types of collateral.
(9)
Identification, by position, of the officials
and senior management employees who are prohibited from receiving member business
loans which, at a minimum, shall include the credit union's chief executive
officer, any assistant chief executive officers, the chief financial officer,
and any associated member or immediate family member of such persons.
(c)
The aggregate amount of outstanding member business loans
to any one member or group of associated members shall not be more than 15%
of the credit union's net worth (less the Allowance for Loan Losses account)
or $100,000.00, whichever is higher. If any portion of a member business loan
is secured by shares in the credit union or deposits in another financial
institution, or is fully or partially insured or guaranteed by, or subject
to an advance commitment to purchase by, any agency of the Federal government
or of a state or any of its political subdivisions, such portion shall not
be calculated in determining the 15% limit.
(d)
Construction and development of commercial or residential
property are subject to the following additional requirements:
(1)
The aggregate of all construction and development loans
must not exceed 15% of the credit union's net worth. To determine the aggregate,
a credit union may exclude any portion of a loan:
(A)
Secured by shares in the credit union;
(B)
Secured by deposits in another financial institution;
(C)
Fully or partially insured or guaranteed by any agency
of the federal government, state, or its political subdivisions; or
(D)
Subject to an advance commitment to purchase by an agency
of the federal government, state, or its political subdivisions;
(2)
The member borrower must have a minimum of 35%
equity interest in the project being financed; and
(3)
The funds may be released only after on-site, written
inspections by qualified personnel and according to a preapproved draw schedule
and any other conditions as set forth in the loan documentation.
(e)
The aggregate limit on a credit union's outstanding member
business loans (including any unfunded commitments) is the lesser of 1.75
times the credit union's net worth or 12.25% of the credit union's total assets.
Loans that are exempt from the definition of member business loans are not
counted for the purpose of the aggregate loan limit.
(f)
For the purposes of this section, the following words and
terms, when used in this section, shall have the following meanings, unless
the context clearly indicates otherwise.
(1)
Associated member - means any member with a common ownership,
investment, or other pecuniary interest in the business or agricultural endeavor
for which the business loan is being made.
(2)
Net Worth - means retained earnings as defined under
Generally Accepted Accounting Principles.
§91.715.Exceptions to the General Lending Policies.
Credit unions may provide for the consideration of loan requests from
creditworthy members whose credit needs do not fit within the credit union's
general lending policies. A credit union may provide for prudently underwritten
exceptions to its lending policies. However, the Board is responsible for
establishing standards for the review and approval of exception loans. Each
credit union should establish an appropriate internal process for the review
and approval of loans that do not conform to its own internal policy standards.
The approval of any such loan should be supported by a written justification
that clearly sets forth all of the relevant credit factors that support the
underwriting decision. The justification and approval documents for such loans
should be maintained as a part of the permanent loan file. Each credit union
should monitor compliance with its lending policies and individually report
exception loans of a significant size to its board of directors.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on July
20, 1999.
TRD-9904384
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: August 9, 1999
Proposal publication date: May 7, 1999
For further information, please call: (512) 837-9236
7 TAC §91.5001, §91.5002
The Texas Credit Union Commission adopts new §91.5001
and §91.5002, concerning a credit union's closing of an office or operation,
without changes to the proposed text as published in the May 7, 1999, issue
of the
Texas Register
(24 TexReg 3425).
Section 91.5001 provides specific authorization for a state-chartered credit
union to close its place of business in the event of an emergency, which is
defined in the rule. The new rule also limits the number of consecutive days
that a credit union can be closed without first obtaining the approval of
the commissioner. New §91.5002 prescribes that an emergency closing shall
be deemed a legal holiday for all purposes with respect to any credit union
business affected by the closed office or operation.
The Texas Credit Union League was the only commenter on the two rules.
The comments were supportive, as well as appreciative of the definition of
"officer in charge" of a credit union contained in §91.5001(d).
The new rules are adopted under the Texas Finance Code, §15.402.
The Commission interprets §15.402 to authorize the Commission to adopt
reasonable rules for administering the Texas Credit Union Act.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on July
20, 1999.
TRD-9904378
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: August 9, 1999
Proposal publication date: May 7, 1999
For further information, please call: (512) 837-9236
The Texas Credit Union Commission adopts repeal of §93.1, Definitions
contained in Subchapter A, Common Definitions; and §93.11, Delegation
of Authority; §93.12, Finality and Request for SOAH Hearing; §93.13,
Referral to ADR; §93.14, Appeals of Applications to Incorporate, to Amend
Bylaws, or Merge or Consolidate; §93.15, Appeals of Applications for
Certificates of Authority and all Other Applications for which No Specific
Procedure is Provided by This Title; §93.16, Appeals of Cease and Desist
Orders and Orders of Removal; §93.17, Appeals of Orders of Conservation;
§93.18, Failure to Appear at Hearing; §93.19, Notice and Service;
§93.20, Interrogatories to Parties; §93.21, Requests for Admissions;
§93.22, Pre-Hearing Conference; §93.23, Witness Placed Under Rule;
§93.24, Prefiled Direct Testimony; and §93.25, Administrative Record,
all contained in Subchapter B, General Rules. This repeal is without changes
to the text as published in the May 7, 1999, issue of the
Texas Register
(24 TexReg 3427).
The repeal is in conjunction with the adoption of new rules pertaining
to administrative hearings, and is the result of a rule review conducted by
the Commission in accordance with Section 167, Article IX, 1997 General Appropriations
Act. No comments were received regarding the repeal of these rules.
Subchapter A. Common Terms
7 TAC §93.1
The repeal is adopted under the provisions of §15.402
of the Texas Finance Code, which authorizes the commission to adopt reasonable
rules.
The repeal is affected by this proposed rule are §122.007, §122.011,
§122.013, §122.153, §122.257, §122.259, and §126.105
of the Texas Finance Code pertaining to appeals of certain actions taken by
the Commissioner.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on July
21, 1999.
TRD-9904416
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: August 10, 1999
Proposal publication date: May 7, 1999
For further information, please call: (512) 837-9236
7 TAC §§93.11-93.25
The repeal is adopted under the provisions of §15.402
of the Texas Finance Code, which authorizes the commission to adopt reasonable
rules.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on July
21, 1999.
TRD-9904417
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: August 10, 1999
Proposal publication date: May 7, 1999
For further information, please call: (512) 837-9236
The Texas Credit Union Commission adopts new Chapter 93 pertaining
to administrative hearings. Chapter 93 is comprised of the following sections:
§93.101 Scope; Definitions; Severability; §93.201 Party Status;
§93.202 Computation of Time; §93.203 Ex Parte Communications; §93.204
Presiding Officer or Body; §93.205 Notice of Hearing; §93.206 Default;
§93.207 Service; §93.208 Delegation of Authority; §93.209 Subpoenas;
§93.210 Protective Orders; Motions to Compel; §93.211 Administrative
Record; §93.212 Proposed for Decision; §93.301 Finality and Request
for SOAH Hearing; §93.302 Referral to ADR; §93.303 Hearings of Applications
to Incorporate, Amend Bylaws, or Merge or Consolidate; §93.304 Appeals
of Applications for Certificates of Authority; §93.305 Appeals of all
Other Applications for Which No Specific Procedure is Provided by this Title;
§93.401 Appeals Of Cease And Desist Orders And Orders of Removal; §93.402
Stays; §93.501 Request for Hearing to Appeal an Order of Conservation;
§93.601 Motion for Appeal to the Commission; §93.602 Decision by
the Commission; §93.603 Oral Arguments before the Commission; §93.604
Motion for Rehearing; §93.605 Final Decisions and Appeals. Section 93.201
and §93.501 are adopted with changes to the proposed text published in
the May 7, 1999 issue of the
Texas Register
(24 TexReg 3428). Sections 93.101, 93.202-93.212, 93.301-93.305, 93.401,
93.402, 93.601-93.605 are adopted without changes and will not be republished.
Notice of the repeal of existing Chapter 93 rules §93.1 and §§93.11-93.25
is published elsewhere in this issue of the
Texas
Register
.
The new sections are adopted to address various procedural questions that
have arisen due to an increase in the number of Department decisions on applications
appealed by interested parties over the past few years. While some of the
procedures contained within the new sections are addressed in the Texas Administrative
Procedures Act, the Commission believes it appropriate to include those procedures
in the rules so credit union management will have a better understanding of
the appeal process and what will be required of them as a party to the matter.
The Texas Credit Union League was the only party to file comments on the
new sections. The first comment suggested that the definition of "party status"
contained in §93.201 be reworded to provide a more specific description
of what is necessary to convey party status. The Commission agrees and has
incorporated the League's definition of "party status" into §93.201.
Secondly, the commenter opines that all three conditions contained in §93.302
ordering alternative dispute resolution (ADR) should be present before an
order is issue, rather than two of the conditions as proposed. The Commission
believes that requiring all three conditions would be too restrictive as there
may be occasions in which the Commissioner believes ADR could satisfactorily
resolve a dispute even if only two of the conditions have been met. The Commission
has adopted §93.302 as originally proposed.
Lastly, the commenter raised two issues relating to §93.501 Request
for Hearing to Appeal an Order of Conservation. First, the commenter stated
that the section should specify "the elements of proof" required by a former
board of directors in order to allow them regain control of the credit union.
A conservatorship order must clearly state the grounds for conservatorship
as supported by the Commissioner's findings. Therefore, the former board of
directors would provide evidence that the grounds and findings are incorrect
or do not merit a conservatorship action. The Commission believes that requiring
specific "elements of proof" is unnecessary and, in fact, could unfairly limit
a deposed board's ability to make a case for regaining control. The second
issue addresses the proposed rule's requirement that hearings be closed to
the public. The commenter recommends that additional guidance concerning those
persons allowed to attend the hearing be provided. The Commission agrees and
has added a clarifying sentence to §93.501(d).
Subchapter A. Common Terms
7 TAC §93.101
The new rule is adopted under the provisions of the following
sections of the Texas Finance Code that authorize the Credit Union Commission
to adopt rules for the purposes noted: §15.402 for administering the
Texas Credit Union Act (Texas Finance Code, Title 3, Subtitle D); §122.007
for the appeal by an incorporator or other aggrieved person of the commissioner's
order pertaining to a new charter application; §122.011 for the appeal
of a commissioner's decision regarding an amendment to bylaws or articles
of incorporation; §122.259 for the appeal of a cease and desist order
or a removal order; and for the appeal of a conservatorship order. The Commission
interprets §15.402 as authorizing the Commission to adopt reasonable
rules. The Commission interprets the remaining sections to authorize the Credit
Union Commission to adopt rules pertaining to the appeal of certain decisions
made and actions taken by the commissioner for the purposes of supervising
and regulating state-chartered credit unions.
The specific sections affected by these rules are Texas Finance Code, §§122.007,
122.011, 122.153, 122.259, and 126.105.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on July
21, 1999.
TRD-9904404
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: August 10, 1999
Proposal publication date: May 7, 1999
For further information, please call: (512) 837-9236
7 TAC §§93.201-93.212
The new rules are adopted under the provisions of the Texas
Finance Code §15.402 that authorizes the Credit Union Commission to adopt
rules for administering the Texas Credit Union Act (Texas Finance Code, Title
3, Subtitle D).
The specific sections affected by these rules are the Texas Finance Code,
§§122.007, 122.011, 122.153, 122.259, and 126.105.
§93.201.Party Status.
Party status will be conferred on persons or entities with a legal
right, duty, privilege, power or current economic interest that may be directly
affected by the outcome of the case.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on July
21, 1999.
TRD-9904405
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: August 10, 1999
Proposal publication date: May 7, 1999
For further information, please call: (512) 837-9236
7 TAC §§93.301-93.305
These new rules are adopted under the provisions of the Texas
Finance Code §15.402 that authorizes the Credit Union Commission to adopt
rules for administering the Texas Credit Union Act (Texas Finance Code, Title
3, Subtitle D).
The specific sections affected by these adopted rules are Texas Finance
Code, §§ 122.007, 122.011, 122.153, 122.259, and 126.105.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on July
21, 1999.
TRD-9904407
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: August 10, 1999
Proposal publication date: May 7, 1999
For further information, please call: (512) 837-9236
7 TAC §93.401, §93.402
The new rules are adopted under the provisions of the Texas
Finance Code §15.402 that authorizes the Credit Union Commission to adopt
rules for administering the Texas Credit Union Act (Texas Finance Code, Title
3, Subtitle D) ; and §122.259 that authorizes the Commission to adopt
rules for the appeal of a cease and desist order or a removal order.
The specific section affected by this rule is Texas Finance Code §122.259.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on July
21, 1999.
TRD-9904408
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: August 10, 1999
Proposal publication date: May 7, 1999
For further information, please call: (512) 837-9236
Subchapter G. Lending Powers
Subchapter N. Emergency Closing of Office or Operation
Chapter 93.
Administrative Proceedings
Subchapter B. General Rules
Chapter 93.
Administrative Proceedings
Subchapter B. General Rules
Subchapter C. Appeals of Preliminary Determinations on Applications
Subchapter D. Appeals of Cease and Desist Orders and Orders of Removal
Subchapter E. Appeals of Orders of Conservation