Part 6.
CREDIT UNION DEPARTMENT
Chapter 91.
CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS
Subchapter D. POWERS OF CREDIT UNIONS
7 TAC §91.406
The Credit Union Commission adopts new §91.406, concerning
credit union service contracts without changes to the text published in the
January 2, 2004, issue of the
Texas Register
(29
TexReg 19).
The new rule replaces existing §91.401(c) which was repealed in the
March 5, 2004, issue of the
Texas Register
(29
TexReg 2305) and makes one substantive change.
The new rule is adopted to provide greater clarity and ease of use of the
rule. The new rule modifies the former rule to comply with a new provision
enacted in the 78th Session of the Legislature that was contained within House
Bill 1307. The provision added a new §15.4032, Texas Finance Code, limiting
the scope of the rule to those contracts that deal with electronic data processing,
electronic funds transfers, or other member services on behalf of the credit
union.
No comments were received on the proposal.
The new rule is adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code.
The specific section affected by the new rule is Texas Finance Code, §15.4032.
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 February 23, 2004.
TRD-200401335
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
7 TAC §91.407
The Credit Union Commission adopts new §91.407 concerning
electronic notification without changes to the text published in the January
2, 2004, issue of the
Texas Register
(29 TexReg
20).
The new rule replaces existing §91.401(d) which was repealed in the
March 5, 2004, issue of the
Texas Register
and
makes no substantive changes. The new rule will provide greater clarity and
ease of use of the rule.
No comments were received on the proposal.
The new rule is adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code.
The specific sections affected by the rule are Texas Finance Code, §§122.011,
123.001, 123.002, 125.002, 125.003, 125.103, 125.504, 125.505, 125.507, and
125.510.
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 February 23, 2004.
TRD-200401334
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
7 TAC §91.408
The Credit Union Commission adopts new §91.408 concerning
user fees for shared electronic terminals without changes to the text published
in the January 2, 2004, issue of the
Texas Register
(29 TexReg 20).
The new rule will replace existing §91.401(e) which was repealed in
the March 5, 2004, issue of the
Texas Register
and
makes no substantive changes. The new rule will provide greater clarity and
ease of use of the rule.
No comments were received on the proposal.
The new rule is adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code.
The specific sections affected by the proposed rule are Texas Finance Code, §§123.001,
123.002, 123.202, and 123.203.
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 February 23, 2004.
TRD-200401333
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
7 TAC §91.409
The Credit Union Commission adopts new §91.409 concerning
the permanent closing of an office or operation without changes to the text
published in the January 2, 2004, issue of the
Texas
Register
(29 TexReg 21).
The new rule will replace existing §91.401(b) which was repealed in
the March 5, 2004, issue of the
Texas Register
with
no substantive changes. The new rule will provide greater clarity and ease
of use of the rule.
No comments were received on the proposal.
The new rule is adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code.
The specific sections affected by the proposed rule are Texas Finance Code, §§122.012,
123.001, 123.002, and 123.106.
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 February 23, 2004.
TRD-200401332
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
7 TAC §91.501
The Credit Union Commission adopts an amendment to §91.501
concerning eligibility to hold office without changes to the text published
in the January 2, 2004, issue of the
Texas Register
(29 TexReg 21).
The amendment implements a new provision enacted in the 78th Session of
the Legislature that was contained within HB 1307. The amended §122.055(a)
of the Texas Finance Code requires the Commission to adopt a rule to prescribe
the total number of absences that a director may have before his/her office
becomes vacant. The proposed amendment utilizes the same criteria that the
Commission adopted in its most recent version of the Standard Bylaws for State
Chartered Credit Unions.
No comments were received on the proposal.
The amendment is adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code and under Texas Finance Code §122.055(a) which requires
the Commission to adopt a rule to prescribe the total number of absences that
a director may have before his/her office becomes vacant.
The specific section affected by the proposed amendment is Texas Finance
Code, §122.055.
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 February 23, 2004.
TRD-200401331
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
7 TAC §91.515
The Credit Union Commission adopts an amendment to §91.515
concerning financial reporting without changes to the text published in the
January 2, 2004, issue of the
Texas Register
(29
TexReg 22).
The amendment implements a new provision enacted in the 78th Session of
the Legislature that was contained within HB 1307. The provision amended §122.101(a)
of the Texas Finance Code requiring credit unions to submit call reports quarterly
instead of semi-annually. The proposed amendment makes the rule conform to
the new legislation.
No comments were received on the proposal.
The amendment is adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code.
The specific section affected by the proposed amendment is Texas Finance
Code, §122.101.
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 February 23, 2004.
TRD-200401330
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
7 TAC §91.701
The Credit Union Commission adopts an amendment to §91.701,
concerning lending powers without changes to the text published in the January
2, 2004, issue of the
Texas Register
(29 TexReg
22).
The amendment to the rule is adopted as a result of the passage of Proposition
16, which amended the Texas Constitution to allow credit unions to offer home
equity lines of credit (HELOCs). In accordance with Article 16, Chapter 50
of the Texas Constitution, HELOCs are considered to be authorized home equity
loans. The amendment clarifies that the amortization schedule for a HELOC
shall not exceed 20 years.
No comments were received on the proposal.
The amendment is adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code.
The specific sections affected by the adopted amendment are Texas Finance
Code, §124.052 and §124.201.
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 February 23, 2004.
TRD-200401344
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
7 TAC §91.719
The Credit Union Commission adopts the amendments to §91.719,
concerning loans to officials and employees without changes to the text published
in the January 2, 2004, issue of the
Texas Register
(29 TexReg 25).
The amendments implement a new provision enacted in the 78th Session of
the Legislature that was contained within House Bill 1307. The provision amended §124.201
of the Texas Finance Code to make the current restrictions only applicable
to senior management employees. The amendments makes conforming changes to
the rule.
No comments were received on the proposal.
The amendments are adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code.
The specific section affected by the adopted amendments is Texas Finance
Code, §124.201.
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 February 23, 2004.
TRD-200401343
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
7 TAC §91.7000
The Credit Union Commission adopts new §91.7000, concerning
certificates of indebtedness without changes to the text published in the
January 2, 2004, issue of the
Texas Register
(29
TexReg 26).
The new rule implements a new provision enacted in the 78th Session of
the Legislature that was contained within House Bill 1307. The provision added
a new §123.211 to the Texas Finance Code giving the Commission the authority
to adopt rules for the issuance of certificates of indebtedness. The proposed
new rule establishes the criteria a credit union must meet in order to issue
certificates of indebtedness.
No comments were received on the proposal.
The new rule is adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code and under §123.211 of the Texas Finance Code which authorizes
the Commission to adopt rules relating to the issuance of certificates of
indebtedness.
The specific section affected by the new rule is Texas Finance Code, §123.211.
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 February 23, 2004.
TRD-200401342
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
7 TAC §91.8000
The Credit Union Commission adopts new §91.8000, concerning
discovery of confidential information without changes to the text published
in the January 2, 2004, issue of the
Texas Register
(29 TexReg 29).
The new rule implements a new provision enacted in the 78th Session of
the Legislature that was contained within House Bill 1307. The provision added
a new §126.002 to the Texas Finance Code requiring credit unions to comply
with rules adopted by the Commission concerning discovery of confidential
information under subpoena or other legal process. The proposed new rule restricts
the release of confidential information to the portion directly relevant to
the legal dispute at issue and requires a protective order be issued by a
court before release of the confidential information.
No comments were received on the proposal.
The new rule is adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code and under §126.002 of the Texas Finance Code which authorizes
the Commission to adopt rules restricting the release of confidential information
to the portion directly relevant to the legal dispute at issue and requires
a protective order be issued by a court before release of the confidential
information.
The specific section affected by the new rule is Texas Finance Code, §126.002.
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 February 23, 2004.
TRD-200401341
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
Subchapter E. APPEALS OF ORDERS OF CONSERVATION
7 TAC §93.502
The Credit Union Commission adopts new §93.502, concerning
retention of attorney without changes to the text published in the January
2, 2004, issue of the
Texas Register
(29 TexReg
30).
The new rule implements a new provision enacted in the 78th Session of
the Legislature that was contained within House Bill 1307. The provision amended §126.159
of the Texas Finance Code to allow a credit union that has been placed into
conservatorship to retain an attorney in contesting or satisfying the requirements
of the order of conservatorship. The new rule establishes the criteria that
a credit union must follow in order for the Commissioner to authorize the
payment of reasonable fees and expenses for such attorney.
No comments were received on the proposal.
The new rule is adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code and under §126.159 of the Texas Finance Code which authorizes
the Commissioner to authorize the payment of reasonable fees and expenses
of the attorneys as expenses of the conservatorship.
The specific section affected by the new rule is Texas Finance Code, §126.159.
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 February 23, 2004.
TRD-200401340
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
Subchapter A. GENERAL PROVISIONS
7 TAC §97.107
The Credit Union Commission adopts new §97.107, concerning
examination of related entities without changes to the text published in the
January 2, 2004, issue of the
Texas Register
(29
TexReg 31).
The new rule implements a new provision enacted in the 78th Session of
the Legislature that was contained within House Bill 1307. The provision added
a new §15.4032 to the Texas Finance Code allowing the Department to examine
certain credit union related entities. The new rule establishes the criteria
that will be used in the examination of these related entities.
No comments were received on the proposal.
The new rule is adopted under the provision of the Texas Finance
Code, §15.402, which authorizes the Commission to adopt reasonable rules
for administering Title 2, Chapter 15 and Title 3, Subchapter D of the Texas
Finance Code and under §15.4032 of the Texas Finance Code which authorizes
the Commission to adopt rules regarding the examination of credit union related
entities.
The specific section affected by the rule is Texas Finance Code, §15.4032.
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 February 23, 2004.
TRD-200401339
Harold E. Feeney
Commissioner
Credit Union Department
Effective date: March 14, 2004
Proposal publication date: January 2, 2004
For further information, please call: (512) 837-9236
Subchapter E. DIRECTION OF AFFAIRS
Subchapter G. LENDING POWERS
Subchapter P. OTHER FORMS OF EQUITY CAPITAL
Subchapter Q. ACCESS TO CONFIDENTIAL INFORMATION
Chapter 93.
ADMINISTRATIVE PROCEEDINGS
Chapter 97.
COMMISSION POLICIES AND ADMINISTRATIVE RULES
Subchapter C. DEPARTMENT OPERATIONS