AUSTIN, Texas — The Texas Credit Union Department declined to comment directly on what is going on at the $115 million First Basin Credit Union but said it was keeping an eye on the situation.
The department does not enforce credit union bylaws but credit unions chartered by the state are required by state statute to hold an annual meeting, though it does not say when it must be held in the year, according to Harold Feeney, Commissioner of the Texas Credit Union Department.
Members of the $115 million First Basin Credit Union have said that the CU's bylaws call for the credit union to hold its annual meeting no later than the end of March but that the CU has not yet set a date. The members want the annual meeting because they want to mount a slate of candidates to run for the three boards of director seats up for election.
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When asked whether the statute's language meant that a credit union would have to hold an annual meeting no more than 365 days after its previous annual meeting, Feeney said the Department was reviewing the issue of how to interpret and enforce the statutory requirement for credit unions to hold annual meetings.
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