Texas Administrative Code
Title 7 - BANKING AND SECURITIES
Part 6 - CREDIT UNION DEPARTMENT
Chapter 95 - SHARE AND DEPOSITOR INSURANCE PROTECTION
Subchapter B - LIQUIDATING AGENTS
Section 95.200 - Notice of Taking Possession; Appointment of Liquidating Agent; Subordination of Rights
Current through Reg. 49, No. 38; September 20, 2024
(a) The department shall give prompt notice to the NCUA or other applicable insuring organization whenever the commissioner through conservatorship takes possession of the property and assets of a respective insured or participating credit union. The Department shall give further prompt notice of the Commissioner's intent to liquidate the property and assets of such insured or participating credit union.
(b) If the commissioner finds the liquidation of the credit union's assets is prudent under the guidelines established by Texas Finance Code § RSA 126.201, the insuring organization may be appointed liquidating agent for the credit union.
(c) When any member's share or deposit account is paid, the NCUA or, alternatively, the insuring organization shall be subrogated to all rights of the member, up to the amount paid by the NCUA or the insuring organization to such member.
