Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 6 - CREDIT UNION DEPARTMENT
Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS
Subchapter O - TRUST POWERS
Section 91.6006 - Policies and Procedures
Current through Reg. 49, No. 38; September 20, 2024
A credit union exercising trust powers shall adopt and follow appropriate written policies and procedures to maintain its fiduciary activities in compliance with applicable law. Among other relevant matters, the policies and procedures must address, where appropriate, the credit union's:
(1) Brokerage placement practices;
(2) Methods for ensuring that fiduciary officers and employees do not use material inside information in connection with any decision or recommendation to purchase or sell any security;
(3) Methods for preventing self-dealing and conflicts of interest;
(4) Selection and retention of legal counsel who is readily available to timely review trust instruments or other documents creating the credit union's fiduciary status and advise the credit union and its fiduciary officers and employees on all fiduciary related matters; and
(5) Investment of funds held as fiduciary, including short-term investments and the treatment of fiduciary funds awaiting investment or distribution.
