AUSTIN, Texas — With just two days left to offer feedback on a proposed rule regarding unsolicited mergers, the Texas Credit Union Department said today it has not received any comment letters.
In mid-June, the Texas Credit Union Commission proposed a rule that would prohibit a credit union from offering a merger inducement to another credit union's members as a means of promoting a merger of the two credit unions. The Texas Credit Union League is strongly endorsing the proposal. The commission has also approved publishing for comment the proposed amendment to 7 TAC 91.1003 concerning mergers and consolidations.
According to Betsy Loar, general counsel at TCUD, who has been tracking comment letters, none have been received as of today. The deadline for submission is July 29.
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"There is still the possibility that some might come in over the weekend," Loar said.
Meanwhile, the commission is still planning to move forward with the proposal at its next meeting on Oct. 19, said Gary Janacek, chairman of the Texas Credit Union Commission and president/CEO of $27 million Scott & White Employees Credit Union. While there are protections currently in place to protect Texas state-chartered credit unions from a merger campaign similar to Wings Financial FCU's, there may be room for "added protections."
"Our primary concern is that the credit unions and regulator are totally involved in the process so that everything is on the up and up," Janacek said. "There are certain layers of procedures credit unions need to understand before they go through the merger process."
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