A regulatory proposal in Texas that could potentially change how credit union service organizations in the Lone Star State are monitored is coming under fire from several industry groups.
At issue is a subsection in a proposal from the Texas Credit Union Commission within the Texas Credit Union Department that reads: "All legal limitations imposed on a credit union by Texas Finance Code, Title 3, Subtitle D and any rules adopted under that subtitle, apply equally to CUSO activities."
Under the proposal, the commissioner may limit or refuse to permit any CUSO activity or service based upon supervisory, legal or safety and soundness reasons.
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