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AUSTIN, Texas – Beginning in September 2002, Texas credit unions will pay their annual operating fee assessments based on a semi-annual installment schedule, rather than being billed once a year in September at the start of the fiscal year. The rule implementing the payment change was adopted in August 2001, but Commissioner Harold Feeney of the Texas Credit Union Department said it was passed too late for it to affect the payments of 2001′s assessment on CUs. Billings will be made on Sept. 1 and March 1 of each year. The first installment representing 50% of the total fee will be due on Sept. 30 and March 31, respectively. The amount of the final installment will be determined after review and consideration of revenue and actual expenses for the fiscal year. The final installment will be due no later than March 31, 2003, and it will not be greater but may be less than 50% of the total operating fee. The fee will be calculated based on the credit union’s total assets as of June 30, 2002. Feeney said “the Department wants to make sure credit unions are not paying more than they have to for the regulation of credit unions. Before, under the old system, we’d have to guestimate in September what our expenses would be for the entire fiscal year. The new payment system will allow us to make adjustments where they’re necessary based on what we bring in revenue in the first half of the year and what we spend.”

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