Texas Finance Code

§ 15.4032 — EXAMINATION OF RELATED ENTITIES

FI § 15.4032Title 2. FINANCIAL REGULATORY AGENCIES · Ch. 15. CREDIT UNION COMMISSION AND DEPARTMENT · Art. E. POWERS AND DUTIES OF COMMISSION AND COMMISSIONER

Statute text

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(a)In accordance with rules adopted by the commission, the commissioner may examine, to the same extent as if the services or activities were performed by a credit union on its own premises:

(1)a credit union service organization in which a credit union has a material interest;

(2)an organization engaged primarily in the business of managing one or more credit unions; and

(3)a third-party contractor providing electronic data processing, electronic fund transfers, or other member services on behalf of a credit union.

(b)The commissioner may collect a fee from an examined contractor or organization in connection with each examination to cover the cost of the examination or may collect that fee from the credit unions that use the examined contractor.

Legislative history

Added by Acts 2003, 78th Leg., ch. 533, Sec. 3, eff. Sept. 1, 2003.