PART 6. CREDIT UNION DEPARTMENT
CHAPTER 91. CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS
SUBCHAPTER H. INVESTMENTS
7 TAC §91.809
The Credit Union Commission (the Commission) adopts new §91.809, concerning Purchase of Assets and Assumption of Liabilities, without changes to the proposed text as published in the March 19, 2021, issue of the Texas Register (46 TexReg 1718). The new rule will not be republished.
The new rule formally recognizes authority available to state-chartered credit unions due to the availability of those powers to federal credit unions, as granted through parity found under Texas Finance Code, Title 2, §123.003(a).
The new rule outlines the authority of credit unions to initiate programs of purchasing loans or assuming an assignment of deposits, shares, or liabilities from any credit union, another financial-type institution, or any successor in interest to such an entity. The rule further outlines the requirement to seek Commissioner approval on certain transactions of this type and clarifies the approval application process.
The Commissioner did not receive any comments on the proposed new rule.
The new rule is adopted under the authority granted by the Texas Legislature to the Commission pursuant Texas Finance Code, Section 15.402, which authorizes the Commission to adopt reasonable rules for administering Title 2, Chapter 15 and Title 3, Subtitle D of the Texas Finance Code.
The statutory provisions affected by this adoption are Texas Finance Code, Sections 124.351 and 124.352.
The agency certifies that legal counsel has reviewed the adoption and found it to be a valid exercise of the agency's legal authority.
Filed with the Office of the Secretary of State on June 4, 2021.
John J. Kolhoff
Credit Union Department
Effective date: June 24, 2021
Proposal publication date: March 19, 2021
For further information, please call: (512) 837-9236