Texas § FI.122.013 - FOREIGN CREDIT UNIONS

§ FI.122.013. FOREIGN CREDIT UNIONS

FOREIGN CREDIT UNIONS. (a) A foreign credit union may do business in this state if it is organized in a state or country that allows any credit union organized under this subtitle to do business in that state or country. (b) A foreign credit union doing business in this state is subject to rules adopted under this subtitle and any additional commission requirement. (c) The commissioner may suspend or revoke a foreign credit union's authority to do business in this state if the commissioner finds that the foreign credit union: (1) has failed to conduct its business in this state in a manner consistent with the laws of this state; (2) is in an unsafe or unsound condition; (3) refuses to comply with an order of the commissioner; (4) refuses to comply with a request by the commissioner to review the books and records of the credit union; or (5) has not met or does not meet a requirement imposed by commission rules. (d) The commission may require a foreign credit union operating in this state to submit periodic reports. The required reports shall be provided by the foreign credit union or by the credit union supervisory agency having primary responsibility for that credit union. Any reporting requirements prescribed by the commission under this subsection must be consistent with the reporting requirements applicable to credit unions and appropriate for the purpose of enabling the commissioner to regulate credit unions. (e) A foreign credit union from a jurisdiction that allows a credit union to exercise additional powers and authorities not granted in this state may not exercise any of those powers or authorities in this state until the foreign credit union requests and obtains permission from the commissioner to exercise those powers or authorities. If the commissioner determines that there are no safety and soundness concerns, the commissioner shall approve the request and shall publish the powers or authorities granted in the manner authorized by Section 15.4041 or 15.4042 for the issuance of an interpretive statement or an opinion. When approved, those powers or authorities shall be available to all credit unions authorized to engage in business under this subtitle. (f) A foreign credit union may not use this section to alter or negate the application to the credit union of any law of this state regarding: (1) permissible interest rates; (2) loan fees; or (3) licensing or regulatory requirements that relate to insurance, securities, marketing or sales activities, or real estate development and that are administered by an agency of this state. Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 1999, 76th Leg., ch. 157, Sec. 8, eff. Sept. 1, 1999; Acts 2003, 78th Leg., ch. 533, Sec. 12, eff. Sept. 1, 2003. Amended by: Acts 2013, 83rd Leg., R.S., Ch. 19 (S.B. 244 ), Sec. 6, eff. September 1, 2013.