A Texas proposal that calls for changes in the powers and regulation of credit union service organizations in the Lone Star State is under scrutiny.
At issue is a subsection in a proposal from the Texas Credit Union Commission within the Credit Union Department-State of Texas that reads, "All legal limitations imposed on a credit union by Texas Finance Code, Title 3, Subtitle D and any rules adopted under that Subtitle, apply equally to CUSO activities."
Under the proposal, the commissioner may limit or refuse to permit any CUSO activity or service based upon supervisory, legal or safety and soundness reasons.
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