1. (a) Definition. Foreign credit union, as used in this chapter, means a credit union that is not chartered or otherwise organized under the laws of this state or the United States.
2. (b) Application. Prior to commencing business in this state, a foreign credit union is required to file a written application supported by such information and data as the commissioner may require to make the findings necessary for the issuance of a certificate of authority pursuant to Finance Code §122.013.

3. (c) Approval. The application shall not be approved unless the commissioner finds that the applicant:

   1. (1) is acting in good faith and the application does not contain a material misrepresentation;
   2. (2) is financially sound and has no supervisory problems;
   3. (3) will conduct its operations in the State of Texas in accordance with the intent and purpose of the Act and Commission rules;
   4. (4) has provided evidence of compliance with the Finance Code, §201.102 concerning registering with the secretary of state to do business in Texas;
   5. (5) has share and deposit insurance equivalent to that required for credit unions organized under the Act;
   6. (6) has paid a permit fee of $500 for each and every branch office proposed to be established in the State of Texas;
   7. (7) has fidelity bond coverage satisfactory to the commissioner; and
   8. (8) has provided all other information the commissioner may require.
4. (d) Compliance with Texas law. A credit union chartered by another state shall comply with all applicable Texas laws, including those laws regarding home equity lending, loan interest rates, and consumer protection, to the same extent that those laws apply to a Texas credit union.
5. (e) Federal treaties. If a treaty or agreement exists between the United States and a foreign country which requires the commissioner to permit a foreign credit union to operate a branch in this state and the commissioner determines that the applicant has substantially the same characteristics as a credit union organized under the Act, then the applicant must comply with all provisions of the Act and commission rules, unless otherwise permitted by this section.
6. (f) Financial statements. Each foreign credit union that is operating a branch office within the State of Texas shall furnish to the commissioner a copy of its annual audited financial statements, if any, or other statements of financial conditions as the commissioner may require.
7. (g) Examinations. The commissioner is authorized to examine the books and records of any branch office operated in the State of Texas by a foreign credit union. The costs of examination, as prescribed in §97.113(d) of this title (relating to Supplemental Examinations), must be fully borne by the foreign credit union. The supplemental examination fee may be waived or reduced at the discretion of the commissioner.
8. (h) Agreements with other regulators. The commissioner shall enter into supervisory agreements with the foreign credit union regulators and, as necessary, the foreign credit unions, as authorized by Finance Code §15.411, to resolve any conflict of laws and to specify the manner in which the examination, supervision, and application processes will be coordinated with the regulators. The agreement may also prescribe the applicable laws governing the powers and authorities of the foreign branch and may address, but are not limited to, corporate governance and operational matters. The agreement, however, shall not limit the jurisdiction or authority of the commissioner to examine, supervise and regulate a foreign credit union that is operating or seeking to operate a branch in this state or to take any action or issue any order with respect to that branch.

Source Note:The provisions of this §91.210 adopted to be effective May 11, 2000, 25 TexReg 3947.