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Texas CU Commission Taking Hard Look at Unsolicited Mergers, Rule Bans Luring Members

In what might be the strongest regulatory effort to date that addresses unsolicited merger attempts within the movement, Texas state-chartered credit unions could potentially have more protections than those in other states.

By Michelle A. Samaad | Updated on July 03, 2007

DALLAS — In what might be the strongest regulatory effort to date that addresses unsolicited merger attempts within the movement, Texas state-chartered credit unions could potentially have more protections than those in other states.

At the urging of the Texas Credit Union League, the Texas Credit Union Commission is proposing a rule that would address unsolicited mergers within the credit union industry. The rule would prohibit 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 has also approved publishing for comment the proposed amendment to 7 TAC 91.1003 concerning mergers and consolidations. The commission is scheduled to meet again Oct. 19. Credit unions are encouraged to send comment letters on the proposed rule.

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