FINANCE CODE
CHAPTER 15. CREDIT UNION COMMISSION AND DEPARTMENT
SUBCHAPTER A. GENERAL PROVISIONS
§ 15.001. DEFINITIONS. (a) In this chapter, "trade
association" means a nonprofit, cooperative, and voluntarily
joined association of business or professional competitors
designed to assist its members and its industry or profession in
dealing with mutual business or professional problems and in
promoting their common interest.
(b) The definitions provided by Section 121.002 apply to
this chapter.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.05(a), eff. Sept. 1, 1999.
SUBCHAPTER B. DEPARTMENT
§ 15.101. COMPOSITION OF DEPARTMENT. The department is
composed of:
(1) the commission;
(2) the commissioner; and
(3) other department officers and employees.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.102. REGULATION OF CREDIT UNIONS. The department
shall supervise and regulate credit unions as provided by this
chapter and Subtitle D, Title 3.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.103. STUDY OF STATUTES. The department
periodically shall comprehensively study the statutes of this state
as they pertain to credit union operations.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.104. FISCAL REPORT. (a) The department shall
annually prepare a complete and detailed written report accounting
for all money received and disbursed by the department during the
preceding year.
(b) The report must meet the reporting requirements
applicable to financial reporting provided by the General
Appropriations Act.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.04(a), eff. Sept. 1, 1999.
SUBCHAPTER C. COMPOSITION OF COMMISSION
§ 15.201. APPOINTMENT; TERMS. (a) The commission is
composed of nine members appointed by the governor with the advice
and consent of the senate.
(b) Commission members serve staggered terms of six years,
with the terms of one-third of the members expiring February 15 of
each odd-numbered year.
(c) An appointment to the commission must be made without
regard to the race, color, creed, disability, sex, religion, age,
or national origin of the appointee.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.06(a), eff. Sept. 1, 1999.
§ 15.202. GENERAL QUALIFICATIONS OF COMMISSION
MEMBERS. (a) No two commission members may be residents of the
same state senatorial district.
(b) A commission member may not be:
(1) an officer, employee, or paid consultant of a
trade association representing or affiliated with a financial
institution group or an entity affiliated with financial
institutions;
(2) a spouse of an officer, manager, or paid
consultant of a trade association representing or affiliated with a
financial institution group or an entity affiliated with financial
institutions; or
(3) a person who is required to register as a lobbyist
under Chapter 305, Government Code, because of the person's
activities for compensation on behalf of a profession related to
the operation of the commission.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.05(b), eff. Sept. 1, 1999.
§ 15.203. QUALIFICATIONS OF INDUSTRY COMMISSION
MEMBERS. (a) Four commission members must be individuals who:
(1) have five years or more of active experience as a
director, officer, or committee member of a credit union that:
(A) is organized and doing business in this state
under Subtitle D, Title 3, or the Federal Credit Union Act (12
U.S.C. Section 1751 et seq.); and
(B) has its principal office in this state; and
(2) are engaged in exercising the powers and duties of
a director, officer, or committee member of such a credit union.
(b) Experience as a commissioner, deputy commissioner, or
examiner is equivalent to the experience required by Subsection
(a).
(c) Not more than one individual from a federal credit union
may serve on the commission at any time.
(d) An individual who ceases to be engaged in exercising the
powers and duties prescribed by this section for a period exceeding
90 days becomes ineligible to serve as a commission member, and the
individual's position on the commission becomes vacant.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.05(c), eff. Sept. 1, 1999.
§ 15.204. QUALIFICATIONS OF PUBLIC COMMISSION
MEMBERS. (a) Five commission members must be representatives of
the public. A person is not eligible for appointment as a public
member of the commission if the person or the person's spouse:
(1) is employed by or participates in managing or
directing:
(A) a financial institution; or
(B) an organization, other than a financial
institution, regulated by or receiving money from a financial
institution regulatory agency;
(2) has, other than as a member or customer, a
financial interest in:
(A) a financial institution; or
(B) an organization, other than a financial
institution, regulated by or receiving money from a financial
institution regulatory agency; or
(3) uses or receives a substantial amount of tangible
goods, services, or money from the department, other than
compensation or reimbursement authorized by law for commission
membership, attendance, or expenses.
(b) The governor shall appoint public commission members on
the basis of recognized business ability.
(c) In this section, "financial institution" includes an
institution such as a credit union, bank, savings bank, or savings
and loan association.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.05(d), eff. Sept. 1, 1999;
Acts 1999, 76th Leg., ch. 87, § 1, eff. Sept. 1, 1999.
§ 15.2041. TRAINING PROGRAM. (a) To be eligible to
take office as a member of the commission, a person appointed to the
commission must complete at least one course of a training program
that complies with this section. A commission member must complete
a training program that complies with Subsection (b) not later than
the 180th day after the date on which the person takes office.
(b) A training program established under this section must
provide information to the member regarding:
(1) the enabling legislation that created the
department and its policy-making body to which the member is
appointed to serve;
(2) the programs operated by the department;
(3) the role and functions of the department;
(4) the rules of the commission with an emphasis on the
rules that relate to disciplinary and investigatory authority;
(5) the current budget for the department;
(6) the results of the most recent formal audit of the
department;
(7) the requirements of the:
(A) open meetings law, Chapter 551, Government
Code;
(B) open records law, Chapter 552, Government
Code; and
(C) administrative procedure law, Chapter 2001,
Government Code;
(8) the requirements of the conflict of interest laws
and other laws relating to public officials;
(9) any applicable ethics policies adopted by the
department or the Texas Ethics Commission; and
(10) the basic principles and responsibilities of
credit union management.
(c) A person appointed to the commission is entitled to
reimbursement for travel expenses incurred in attending the
training program, as provided by the General Appropriations Act and
as if the person were a member of the commission.
Added by Acts 1999, 76th Leg., ch. 62, § 7.07(a), eff. Sept. 1,
1999.
§ 15.205. VACANCIES. The office of a commission member
becomes vacant:
(1) on the death, resignation, or removal of the
member; or
(2) if the member ceases to have the qualifications
required for service as a member.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.08(a), eff. Sept. 1, 1999.
§ 15.206. REMOVAL. (a) A ground for removal of a
commission member by the governor exists if a member:
(1) neglects the member's duty;
(2) is incompetent; or
(3) commits fraudulent or criminal conduct.
(b) It is grounds for removal from the commission if a
member:
(1) does not have at the time of appointment the
applicable qualifications required by Sections 15.202, 15.203, and
15.204;
(2) does not maintain during service on the commission
the applicable qualifications required by Sections 15.202, 15.203,
and 15.204;
(3) violates a prohibition established by Section
15.202, 15.203, or 15.204;
(4) cannot because of illness or disability discharge
the member's duties for a substantial part of the term for which the
member is appointed; or
(5) is absent from more than half of the regularly
scheduled commission meetings that the member is eligible to attend
during a calendar year.
(c) The validity of an action of the commission is not
affected by the fact that it was taken when a ground for removal of a
commission member existed.
(d) If the commissioner has knowledge that a potential
ground for removal exists, the commissioner shall notify the
presiding officer of the commission of the potential ground. The
presiding officer shall then notify the governor and the attorney
general that a potential ground for removal exists. If the
potential ground for removal involves the presiding officer, the
commissioner shall notify the next highest officer of the
commission, who shall notify the governor and the attorney general
that a potential ground for removal exists.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.08(b), eff. Sept. 1, 1999.
§ 15.207. EXPENSES AND COMPENSATION OF COMMISSION
MEMBERS. (a) A commission member may not receive compensation or
a benefit because of the member's service on the commission except
as provided by Subsection (b).
(b) For each day that a commission member engages in the
business of the commission, the member is entitled to:
(1) per diem, including compensatory per diem;
(2) actual expenses for meals and lodging; and
(3) transportation expenses.
(c) Compensation and expenses under Subsection (b) shall be
in the amount set by legislative appropriation.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.208. MATTER IN WHICH COMMISSION MEMBER HAS PERSONAL
INTEREST. (a) A commission member may not act on a matter under
the commission's consideration that directly affects a credit union
of which the member is an officer, director, or member.
(b) The commission shall adopt rules relating to recusal of
members, requiring that a member who has a personal or private
interest in a measure, proposal, or decision pending before the
commission shall publicly disclose the fact to the commission at a
meeting held in compliance with Chapter 551, Government Code. The
member may not vote or otherwise participate in the decision. The
disclosure shall be entered into the minutes of the meeting.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.09(a), eff. Sept. 1, 1999.
§ 15.209. MEETINGS. (a) The commission shall hold at
least two regular meetings each year.
(b) The chairman, the commissioner, or five commission
members may call a special meeting of the commission.
(c) The commission shall adopt reasonable rules governing a
meeting, including rules relating to the:
(1) time and place of a meeting;
(2) conduct of a meeting; and
(3) form of the minutes.
(d) The commission is subject to the:
(1) open meetings law, Chapter 551, Government Code;
and
(2) administrative procedure law, Chapter 2001,
Government Code.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.09(b), eff. Sept. 1, 1999.
§ 15.210. PRESIDING OFFICER. The governor shall
designate a member of the commission as presiding officer of the
commission to serve in that capacity at the will of the governor.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.09(c), eff. Sept. 1, 1999.
§ 15.211. SUIT FOR OFFICIAL ACT OR OMISSION. (a) The
attorney general shall defend an action brought against a
commission member or an officer or employee of the commission
because of the person's official act or omission regardless of
whether the individual is a member, officer, or employee of the
commission at the time the action is initiated.
(b) A suit against the commission or its officers or
employees may be brought only in Travis County.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.212. SUNSET PROVISION. The Credit Union
Commission is subject to Chapter 325, Government Code (Texas Sunset
Act). Unless continued in existence as provided by that chapter,
the commission is abolished September 1, 2009.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.04(b), eff. Sept. 1, 1999.
SUBCHAPTER D. COMMISSIONER AND OTHER EMPLOYEES OF COMMISSION
§ 15.301. COMMISSIONER. (a) The commission shall
appoint a commissioner by affirmative vote of two-thirds of the
membership of the commission.
(b) The commissioner serves at the will of the commission.
(c) The commissioner is an employee of the commission and is
subject to the commission's orders and directions.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.302. QUALIFICATIONS OF COMMISSIONER. (a) The
commissioner must have at least five years' practical experience in
the operation of credit unions during the 10 years preceding the
commissioner's appointment.
(b) The experience required by this section may consist of
experience:
(1) in exercising the powers and duties of a director,
officer, or committee member of a credit union; or
(2) in the employment of a credit union regulatory
agency.
(c) The commissioner may not:
(1) be a salaried officer, employee, or consultant of
a trade association in the credit union industry; or
(2) be related within the second degree by affinity or
consanguinity, as determined under Chapter 573, Government Code, to
a person who is a salaried officer, employee, or consultant of a
trade association in the credit union industry.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.303. DEPUTY COMMISSIONER. (a) Subject to the
commission's approval, the commissioner may appoint a deputy
commissioner, who must have the qualifications required of the
commissioner.
(b) The deputy commissioner serves at the will of the
commissioner and, at the commissioner's direction, may exercise the
powers and prerogatives of the commissioner.
(c) The deputy commissioner is an employee of the commission
and is subject to the commission's orders and directions.
(d) During the commissioner's absence or inability to act,
the deputy commissioner shall perform the commissioner's duties.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.304. EXAMINERS. (a) The commissioner shall
appoint a sufficient number of credit union examiners to perform
fully the duties imposed by the laws of this state.
(b) Appointment of an examiner is subject to recruitment
specifications and qualifications approved by the commission.
(c) An examiner is an employee of the commission and is
subject to the commission's orders and directions.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.305. GENERAL COUNSEL. A person who is required to
register as a lobbyist under Chapter 305, Government Code, because
of the person's activities for compensation on behalf of a
profession related to the operation of the commission, may not
serve as general counsel to the commission.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.05(e), eff. Sept. 1, 1999.
§ 15.306. OATH. Before assuming the duties of office,
the commissioner, the deputy commissioner, each examiner, and each
other officer or employee of the commission must take an oath of
office approved by the commission.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2003, 78th Leg., ch. 285, § 8, eff. Sept. 1, 2003.
§ 15.307. OFFICERS OF COMMISSION AND DEPARTMENT. Each
officer of the commission and department, except a commission
member, is an employee of the commission and is subject to the
commission's orders and directions.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.308. COMPENSATION OF EMPLOYEES. (a) The
commission shall set the compensation of the commissioner and
deputy commissioner. The compensation shall be paid according to
the General Appropriations Act.
(b) Except for the commissioner and deputy commissioner,
Chapter 654, Government Code, applies to any department position.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 157, § 1, eff. Sept. 1, 1999.
§ 15.309. INTRA-AGENCY CAREER LADDER. (a) The
commissioner or a person designated by the commissioner shall
develop an intra-agency career ladder program that addresses
opportunities for mobility and advancement for employees within the
department.
(b) The program must require intra-agency posting of all
non-entry-level positions concurrently with public posting.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.12(a), eff. Sept. 1, 1999.
§ 15.310. PERFORMANCE EVALUATION. (a) The
commissioner or a person designated by the commissioner shall
develop a system of annual performance evaluations that are based
on documented employee performance.
(b) Merit pay for department employees must be based on the
system established under this section.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.12(b), eff. Sept. 1, 1999.
§ 15.311. QUALIFICATIONS OF EMPLOYEES. A person may not
be an employee of the department who is exempt from the state's
position classification plan or is compensated at or above the
amount prescribed by the General Appropriations Act for step 1,
salary group 17, of the position classification salary schedule, if
the person is:
(1) an officer, employee, or paid consultant of a
trade association representing or affiliated with a financial
institution group or an entity affiliated with financial
institutions; or
(2) a spouse of an officer, manager, or paid
consultant of a trade association representing or affiliated with a
financial institution group or an entity affiliated with financial
institutions.
Added by Acts 1999, 76th Leg., ch. 62, § 7.05(f), eff. Sept. 1,
1999.
§ 15.312. INFORMATION PROVIDED TO MEMBERS AND
EMPLOYEES. The commissioner or the commissioner's designee shall
provide to members of the commission and to department employees,
as often as necessary, information regarding their qualification
for office or employment under this chapter and their
responsibilities under applicable laws relating to standards of
conduct for state officers or employees.
Added by Acts 1999, 76th Leg., ch. 62, § 7.11(a), eff. Sept. 1,
1999.
§ 15.313. EQUAL EMPLOYMENT OPPORTUNITY
POLICY. (a) The commissioner or a person designated by the
commissioner shall prepare and maintain a written policy statement
to assure implementation of a program of equal employment
opportunity under which all personnel transactions are made without
regard to race, color, disability, sex, religion, age, or national
origin. The policy statement must include:
(1) personnel policies, including policies relating
to recruitment, evaluation, selection, appointment, training, and
promotion of personnel that comply with requirements of Chapter 21,
Labor Code;
(2) a comprehensive analysis of the department
workforce that meets federal and state law, including rules and
regulations, and instructions adopted directly from that law;
(3) procedures by which a determination can be made
about the extent of underuse in the department workforce of all
persons for whom federal or state laws, including rules and
regulations, and instructions adopted directly from that law,
encourage a more equitable balance; and
(4) reasonable methods to appropriately address those
areas of underuse.
(b) A policy statement prepared under Subsection (a) must:
(1) cover an annual period;
(2) be updated annually and reviewed by the Commission
on Human Rights for compliance with Subsection (a)(1); and
(3) be filed with the governor's office.
(c) The governor's office shall deliver a biennial report to
the legislature based on the information received under Subsection
(b). The report may be made separately or as a part of other
biennial reports made to the legislature.
Added by Acts 1999, 76th Leg., ch. 62, § 7.13(a), eff. Sept. 1,
1999.
SUBCHAPTER E. POWERS AND DUTIES OF COMMISSION AND COMMISSIONER
§ 15.401. SUPERVISION OF COMMISSIONER. The commission
shall supervise, consult with, and advise the commissioner.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.402. ADOPTION OF RULES. (a) The commission may
adopt reasonable rules necessary to administer this chapter and to
accomplish the purposes of Subtitle D, Title 3.
(b) In adopting rules under this section, the commission may
regulate and classify credit unions according to criteria that the
commission determines are appropriate and necessary to accomplish
the purposes of this chapter and Subtitle D, Title 3, including the:
(1) character of field of membership;
(2) amount of assets;
(3) number of members; and
(4) financial condition.
(b-1) In adopting rules under this section, the commission
shall consider the need to:
(1) promote a stable credit union environment;
(2) provide credit union members with convenient,
safe, and competitive services;
(3) preserve and promote the competitive parity of
credit unions with regard to other depository institutions
consistent with the safety and soundness of credit unions; and
(4) promote or encourage economic development in this
state.
(c) The commission by rule shall establish reasonable and
necessary fees for the administration of this chapter and Subtitle
D, Title 3
(d) The presence or absence in this chapter or Subtitle D,
Title 3, of a specific reference to rules regarding a particular
subject does not enlarge or diminish the rulemaking authority
provided by this section.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 157, § 2, eff. Sept. 1, 1999; Acts
2003, 78th Leg., ch. 533, § 1, eff. Sept. 1, 2003.
§ 15.4021. RECEIPT OF PUBLIC COMMENTS; NOTICE OF
COMMISSION ACTIVITIES. (a) The commission shall develop and
implement policies that provide the public with a reasonable
opportunity to appear before the commission and to speak on any
issue under the jurisdiction of the department.
(b) The commission shall adopt rules providing for public
notice of department activities.
Added by Acts 1999, 76th Leg., ch. 62, § 7.10(a), eff. Sept. 1,
1999.
§ 15.4022. RULES RELATING TO COMPETITIVE BIDDING AND
ADVERTISING. (a) The commission may not adopt rules restricting
competitive bidding or advertising by a credit union except to
prohibit false, misleading, or deceptive practices.
(b) In its rules to prohibit false, misleading, or deceptive
practices, the commission may not include a rule that:
(1) restricts the use of any medium for advertising;
(2) relates to the size or duration of an
advertisement by the credit union; or
(3) restricts the credit union's advertisement under a
trade name.
Added by Acts 1999, 76th Leg., ch. 62, § 7.10(a), eff. Sept. 1,
1999.
§ 15.4023. SEPARATION OF RESPONSIBILITIES. The
commission shall develop and implement policies that clearly
separate the policy-making responsibilities of the commission and
the management responsibilities of the commissioner and the staff
of the department.
Added by Acts 1999, 76th Leg., ch. 62, § 7.10(a), eff. Sept. 1,
1999.
§ 15.403. SUPERVISION AND REGULATION OF CREDIT
UNIONS. The commissioner shall supervise and regulate a credit
union doing business in this state, other than a federal credit
union, in accordance with this chapter and Subtitle D, Title 3,
including rules adopted under this chapter and Subtitle D, Title 3.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2003, 78th Leg., ch. 533, § 2, eff. Sept. 1, 2003.
§ 15.4031. CREDIT UNION COMMISSIONER HEARING. (a) The
commissioner may convene a hearing to receive evidence and argument
regarding any matter under this chapter or Subtitle D, Title 3,
before the commissioner for decision or review. The hearing must be
conducted under Chapter 2001, Government Code. A matter made
confidential by law must be considered by the commissioner in a
closed hearing.
(b) A hearing officer may conduct any hearing on behalf of
the commissioner.
Added by Acts 2003, 78th Leg., ch. 533, § 3, eff. Sept. 1, 2003.
§ 15.4032. EXAMINATION OF RELATED ENTITIES. (a) In
accordance with rules adopted by the commission, the commissioner
may examine, to the same extent as if the services or activities
were performed by a credit union on its own premises:
(1) a credit union service organization in which a
credit union has a material interest;
(2) an organization engaged primarily in the business
of managing one or more credit unions; and
(3) a third-party contractor providing electronic
data processing, electronic fund transfers, or other member
services on behalf of a credit union.
(b) The commissioner may collect a fee from an examined
contractor or organization in connection with each examination to
cover the cost of the examination or may collect that fee from the
credit unions that use the examined contractor.
Added by Acts 2003, 78th Leg., ch. 533, § 3, eff. Sept. 1, 2003.
§ 15.404. ADMINISTRATION AND ENFORCEMENT OF STATUTES AND
RULES. The commissioner shall administer and enforce this chapter
and Subtitle D, Title 3, and rules adopted under this chapter and
Subtitle D, Title 3.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2003, 78th Leg., ch. 533, § 4, eff. Sept. 1, 2003.
§ 15.4041. ISSUANCE OF INTERPRETIVE
STATEMENTS. (a) The commissioner may issue interpretive
statements containing matters of general policy to guide the public
and credit unions, and may amend or repeal a published interpretive
statement by issuing an amended statement or notice of repeal of a
statement.
(b) An interpretive statement may be disseminated by
newsletter, through an electronic medium such as the Internet, in a
volume of statutes or related materials published by the
commissioner or others, or by any other means reasonably calculated
to notify persons affected by the interpretive statement. Notice
of an amended or withdrawn statement must be disseminated in a
substantially similar manner as the affected statement was
originally disseminated.
Added by Acts 2003, 78th Leg., ch. 533, § 5, eff. Sept. 1, 2003.
§ 15.4042. ISSUANCE OF OPINION. (a) In response to a
specific request from a member of the public or the credit union
industry, the commissioner may issue an opinion directly or through
the deputy commissioner or a department attorney.
(b) If the commissioner determines that the opinion is
useful for the general guidance of the public or credit unions, the
commissioner may disseminate the opinion by newsletter, through an
electronic medium such as the Internet, in a volume of statutes or
related materials published by the commissioner or others, or by
any other means reasonably calculated to notify persons affected by
the opinion. A published opinion must be redacted to preserve the
confidentiality of the requesting party unless the requesting party
consents to be identified in the published opinion.
(c) The commissioner may amend or repeal a published opinion
by issuing an amended opinion or notice of repeal of an opinion and
disseminating the opinion or notice in a substantially similar
manner as the affected opinion was originally disseminated. The
requesting party may rely on the original opinion if:
(1) all material facts were originally disclosed to
the commissioner;
(2) the safety and soundness of the affected credit
union will not be endangered by further reliance on the original
opinion; and
(3) the text and interpretation of relevant governing
provisions of this chapter or Subtitle D, Title 3, have not been
changed by legislative or judicial action.
Added by Acts 2003, 78th Leg., ch. 533, § 5, eff. Sept. 1, 2003.
§ 15.4043. EFFECT OF INTERPRETIVE STATEMENT OR
OPINION. An interpretive statement or opinion issued under this
subchapter does not have the force of law and is not a rule for the
purposes of Chapter 2001, Government Code, unless adopted by the
commission as provided by Chapter 2001, Government Code. An
interpretive statement or opinion is an administrative
construction of this chapter or Subtitle D, Title 3, may be relied
on by credit unions authorized to engage in business in this state,
and is entitled to great weight if the construction is reasonable
and does not conflict with this chapter or Subtitle D, Title 3.
Added by Acts 2003, 78th Leg., ch. 533, § 5, eff. Sept. 1, 2003.
§ 15.405. LEGISLATIVE RECOMMENDATIONS. The
commissioner shall report the department's legislative
recommendations to the legislature for consideration.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.406. ATTENDANCE AT COMMISSION MEETINGS;
VOTING. The commissioner shall attend meetings of the commission
but may not vote at a meeting.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.407. OFFICIAL COMMITTEES. The chairman may
appoint individuals who are not commission members to serve on
official committees that are charged with evaluating industry
methods or problems and presenting formal recommendations to the
commission for possible action. The individuals appointed are
entitled to reimbursement for reasonable and necessary expenses
incidental to travel incurred in connection with the performance of
official duties.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 2001, 77th Leg., ch. 1158, § 7, eff. Sept. 1, 2001.
§ 15.408. COLLECTION OF MONEY. The commissioner shall
collect all fees, charges, and revenues required to be paid by a
credit union under Section 15.402(c). All money paid to the
department under this chapter and Subtitle D, Title 3, is subject to
Subchapter F, Chapter 404, Government Code.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.11(b), eff. Sept. 1, 1999;
Acts 1999, 76th Leg., ch. 157, § 3, eff. Sept. 1, 1999.
§ 15.409. CONSUMER INFORMATION AND
COMPLAINTS. (a) The commissioner shall:
(1) supervise the preparation of public interest
information describing:
(A) functions of the department;
(B) procedures for filing and resolving
complaints; and
(C) other matters of general interest relating to
credit unions; and
(2) make the information prepared under Subdivision
(1) available to the public and appropriate state agencies.
(b) The commissioner shall supervise the establishment and
maintenance of files regarding each written complaint filed with
the department that the department has authority to resolve.
(c) A file established and maintained under this section
must include all relevant information regarding the nature, status,
and disposition of a complaint.
(d) The department shall provide to a person filing a
complaint and the persons complained about the department's
policies and procedures concerning complaint investigation and
resolution.
(e) At least quarterly until final disposition of any
written complaint that is filed with the department, the department
shall notify the parties to the complaint of its status unless the
notice would jeopardize an undercover investigation.
(f) The department shall keep information about each
complaint filed with the department. The information must include:
(1) the date the complaint is received;
(2) the name of the complainant;
(3) the subject matter of the complaint;
(4) a record of all persons contacted in relation to
the complaint;
(5) a summary of the results of the review or
investigation of the complaint; and
(6) for a complaint that the department closed without
taking action, an explanation of the reason the complaint was
closed without action.
(g) The commission by rule shall establish methods by which
consumers and service recipients are notified of the name, mailing
address, and telephone number of the department for the purpose of
directing complaints to the department. The commission may provide
for that notification:
(1) on each registration form, application, or written
contract for services of a credit union regulated under this
chapter and Subtitle D, Title 3;
(2) on a sign prominently displayed in the place of
business of each credit union regulated under this chapter and
Subtitle D, Title 3; or
(3) in a bill for service provided by a credit union
regulated under this chapter and Subtitle D, Title 3.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997. Amended
by Acts 1999, 76th Leg., ch. 62, § 7.11(c), eff. Sept. 1, 1999.
§ 15.4091. ACCESS TO DEPARTMENT FACILITIES, PROGRAMS,
AND SERVICES. (a) The department shall comply with federal and
state laws related to program and facility accessibility.
(b) The commissioner shall prepare and maintain a written
plan that describes how a person who does not speak English can be
provided reasonable access to the department's programs and
services.
Added by Acts 1999, 76th Leg., ch. 62, § 7.11(d), eff. Sept. 1,
1999.
§ 15.410. SHARE AND DEPOSITOR INSURANCE
PROTECTION. (a) The commission shall adopt, and the commissioner
shall enforce, reasonable rules requiring a credit union to provide
share and deposit insurance protection for credit union members and
depositors.
(b) Rules adopted under this section must include
authorization for and establishment of a share and deposit guaranty
corporation or credit union under the department's exclusive
regulation to enable the department to carry out the purposes of
this chapter and Subtitle D, Title 3.
(c) A credit union may provide share and deposit insurance
protection through another source approved by the department,
including a program of the National Credit Union Administration.
Acts 1997, 75th Leg., ch. 1008, § 1, eff. Sept. 1, 1997.
§ 15.411. AGREEMENTS WITH OTHER REGULATORS. (a) The
commissioner may enter into an agreement with any credit union
supervisory agency regarding the examination or supervision of
branch offices of credit unions chartered in this state doing
business in other states and foreign credit unions doing business
in this state. In lieu of conducting an examination or
investigation required by this subtitle, the commissioner may
accept examinations or reports from other credit union supervisory
agencies. The acceptance of the examination or report does not
waive any fee, charge, or revenue required to be paid by a credit
union, including a foreign credit union doing business in this
state.
(b) The commissioner may enter into any cooperative
arrangement with other credit union supervisory agencies to promote
the effective regulation of state credit unions doing business
across state lines, including contracting to use another agency's
examiners, allowing for the use of examiners of this state by
another agency, or collecting fees on behalf of or receiving
payments through another agency.
Added by Acts 1999, 76th Leg., ch. 157, § 4, eff. Sept. 1, 1999.
§ 15.412. FILING GROUP RETURN WITH THE INTERNAL REVENUE
SERVICE. (a) The commissioner may file a consolidated group
return form with the Internal Revenue Service on behalf of all
credit unions under the department's jurisdiction. To be included,
each credit union must annually authorize the department in writing
to include the credit union in the group return and must declare
that the authorization and the financial information submitted for
the purpose of compiling the group return are true and complete.
(b) The state is not liable for information contained in any
form submitted. Each credit union is individually responsible for
the accuracy, completeness, and timeliness of the information and
for any potential tax liability or penalties that may accrue.
Added by Acts 1999, 76th Leg., ch. 157, § 4, eff. Sept. 1, 1999.
§ 15.413. GIFTS OF MONEY OR PROPERTY.
Text of section as added by Acts 2003, 78th Leg., ch. 533, § 5
The department may accept money or property by gift, bequest,
devise, or otherwise for any department purpose authorized by this
chapter and Subtitle D, Title 3. A gift, bequest, or devise shall
be used for the purposes specified by the grantor. The commission
must approve acceptance and use of any gift, bequest, or devise
under this section.
Added by Acts 2003, 78th Leg., ch. 533, § 5, eff. Sept. 1, 2003.
For text of section as added by Acts 2003, 78th Leg., ch. 1207, §
2, see § 15.413, post.
§ 15.413. INTERPRETATION OF HOME EQUITY LENDING LAW.
Text of section as added by Acts 2003, 78th Leg., ch. 1207, § 2
The commission may, on request of an interested person or on
its own motion, issue interpretations of Sections 50(a)(5)-(7),
(e)-(p), (t), and (u), Article XVI, Texas Constitution. An
interpretation under this section is subject to Chapter 2001,
Government Code, and is applicable to lenders regulated by the
commission. The Finance Commission of Texas and the commission
shall attempt to adopt interpretations that are as consistent as
feasible or shall state justification for any inconsistency.
Acts 2003, 78th Leg., ch. 1207, § 2, eff. June 20, 2003.
For text of section as added by Acts 2003, 78th Leg., ch. 533, §
5, see § 15.413, ante.
§ 15.414. AUTHORITY TO CONTRACT FOR PROFESSIONAL OR
PERSONAL SERVICES. For the purpose of carrying out the powers,
duties, and responsibilities of the department, the commissioner
may negotiate, contract, or enter into an agreement for
professional or personal services. The commission by rule shall
adopt policies and procedures consistent with applicable state
procurement practices for soliciting and awarding contracts under
this section.
Added by Acts 2003, 78th Leg., ch. 533, § 5, eff. Sept. 1, 2003.
