Comment Period Closes on Proposed Change to Texas FOM Rule

AUSTIN, Texas – The comment period for credit unions in Texas to notify the Credit Union Department of their opinions on proposed changes to the field-of-membership rule for the state's credit unions ended last week. The revised rule, said Commissioner Harold Feeney of the Texas Credit Union Department, gives state-chartered credit unions parity with federal credit unions in areas included in the last Interpretive Rulings and Policy Statement (IRPS) issued by the NCUA that included the TIP provision – trade, industry, profession – and allowing credit unions to add persons to its membership from related trades, industries or professions. The Texas revised rule also allows credit unions to count ATMs or branches for FOM purposes. The Commission is scheduled to take the amended rule up in December. Feeney said the Commission will "likely adopt" the amended rules because there were no comments letters received on the proposal.