AUSTIN, Texas - The seven-person state legislative advisory committee plans to recommend revisions to the Texas Credit Union that would prohibit occupational or association credit unions from applying to also be community-based CUs. Unlike federal credit unions, state-chartered credit unions in Texas are allowed to be occupational, association and community-based CUs concurrently. Harold Feeney, credit union commissioner explained that the committee based its recommendation on the fact that community-based CUs have more business issues and overlap protection issues than the other types of charters. So it makes sense to keep community-based CUs separate. The committee will formally make its recommendation at the commission's next meeting in July. If the commission accepts the recommendation for publication, it will go out for a 45-day comment period. Once it's accepted, it will go into effect 20 days afterwards.
Texas legislative advisory committee recommends changes to FOM rules
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