Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 6 - CREDIT UNION DEPARTMENT
Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS
Subchapter D - POWERS OF CREDIT UNIONS
Section 91.404 - Purchasing Assets and Assuming Deposits and Liabilities of Another Financial Institution
Universal Citation: 7 TX Admin Code ยง 91.404
Current through Reg. 49, No. 38; September 20, 2024
(a) Scope. A credit union must obtain the approval of the Department before purchasing all or substantially all of the assets and/or assuming certain deposits and other liabilities of another financial institution. This section does not apply to purchases of assets that occur as a result of a credit union's ordinary and ongoing business of acquiring obligations of its members.
(b) Approval Requirement.
(1) A credit union must file an application
and obtain the written approval of the Department before entering into any type
of purchase and assumption agreement.
(2) In determining whether to approve an
application under this section, the Department will consider the purpose of the
transaction, its impact on the safety and soundness of the credit union, and
any effect on the credit union's existing members. The Department may deny the
application if the transaction would have a negative effect on any of those
factors.
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