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Texas CU Commission Approves Rule Prohibiting Merger Inducements

The Texas Credit Union Commission recently approved a rule that prohibits 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.

By Michelle A. Samaad | Updated on October 24, 2007

DALLAS — The Texas Credit Union Commission recently approved a rule that prohibits 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 approved the rule at its Oct. 19 meeting, according to Gary Janacek, chairman of the commission and president/CEO of Scott & White Credit Union. The effective date will come after the rule is published in the Texas Register, which is scheduled to come out over the next two weeks, said Betsy Lor, a spokeswoman with Texas Credit Union Department. The commission received three comment letters on the proposal, Lor said.

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