Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 1 - FINANCE COMMISSION OF TEXAS
Chapter 3 - STATE BANK REGULATION
Subchapter C - FOREIGN BANK BRANCHES, AGENCIES AND REPRESENTATIVE OFFICES
Section 3.43 - Credit Balance of Funds
Universal Citation: 7 TX Admin Code § 3.43
Current through Reg. 50, No. 13; March 28, 2025
(a) A foreign bank branch or agency may not receive deposits except as specifically authorized under the Finance Code, § 204.105(b). A foreign bank branch or agency may receive funds from a person and maintain a credit balance in accordance with the Finance Code, § 204.105(b).
(b) A credit balance includes:
(1) proceeds of loans to customers where such proceeds are not immediately disbursed;
(2) loan payments from customers;
(3) funds delivered by customers to settle letters of credit accounts with the branch or agency prior to settlement date;
(4) proceeds of bills of exchange, drafts, notes, acceptances, and other obligations for the payment of money arising out of the purchase and sale (but not discount) of same;
(5) funds received from customers to cover currency transactions or as the result of currency transactions consummated by the branch or agency on behalf of customers;
(6) funds received for transmission to another place;
(7) fund arising out of repurchase agreements, federal funds transactions, and other types of purchase, sale, or borrowing transactions in interbank markets;
(8) proceeds of collections made for customers' accounts;
(9) accounts due to other offices or entities controlled by or under common control with the foreign bank that owns the foreign bank branch or agency; or
(10) funds received from customers as security for a loan.
(c) Credit balances may not remain in the foreign bank branch or agency after the completion of all transactions to which they relate.
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