AUSTIN, Texas — Although the feedback has been scant with just three Texas credit unions weighing in on a Texas Credit Union Commission proposal that addresses unsolicited mergers, all are in favor of the move.
Endorsed by the Texas Credit Union League, the proposed rule 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 commission announced the proposal at its June 15 meeting and sought feedback from credit unions during a comment period that ended yesterday.
The comment letters are not available for public viewing at this time, but will be sent to the Legislative Advisory Committee's meeting on Sept. 21, said Betsy Loar, general counsel at the Texas Credit Union Department, who has been tracking the letters. Loar said the three credit unions that wrote in are in favor of the proposal. The Texas Credit Union Commission is planning to review the proposed rule at its Oct. 19 meeting.
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Last week, Gary Janacek, chairman of the commission, said more unsolicited merger protections may be needed. Richard Ensweiler, president/CEO of the Texas Credit Union League, said so far, no credit unions "seemed to be taking this tact" and "mergers we are aware of in Texas are cordial."
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