Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 6 - CREDIT UNION DEPARTMENT
Chapter 91 - CHARTERING, OPERATIONS, MERGERS, LIQUIDATIONS
Subchapter O - TRUST POWERS
Section 91.6010 - Custody of Fiduciary Assets
Universal Citation: 7 TX Admin Code ยง 91.6010
Current through Reg. 49, No. 38; September 20, 2024
(a) A credit union shall place assets of fiduciary accounts in the joint custody or control of not fewer than two fiduciary officers or employees designated for that purpose by the board of directors.
(b) A credit union shall keep assets of fiduciary accounts separate from the assets of the credit union. Except as otherwise authorized by applicable law and as may be in the best interests of the beneficiaries of the fiduciary account, a credit union shall keep assets of each fiduciary account separate from all other accounts.
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