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Texas Credit Union Act

Texas · FI · §§ 121.001 to 149.002 · 219 sections

Overview

The act governs the chartering, regulation, and internal governance of credit unions — member-owned cooperative financial institutions organized under state law. It establishes how a credit union is formed, running from the application and articles of incorporation through investigation and approval by the state regulator, with an appeal to a supervisory commission, and it sets conditions for commencing business, amending governing documents, maintaining offices, and admitting credit unions chartered elsewhere. It further defines who may become a member and how members vote, prescribes the election, qualification, compensation, bonding, and indemnification of directors and officers along with conflict-of-interest limits, and imposes ongoing reporting, audit, capital, and reserve requirements.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

In the courts

Sections of this act have been cited in 2 court decisions.

Most-cited authority: 367 F. Supp. 2d 1056 - United States v. Doviak

Sections covered

Enacted in other states

Connecticut, Florida, Iowa, Idaho, Illinois, Maryland, Montana, Nebraska, New Hampshire, New Mexico, Oregon, South Carolina

All Texas named statutes →

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