Section 35 Regulatory Requirements For Credit Unions

B 1 the official advertising statement is in substance one of the following.

Section 35 regulatory requirements for credit unions. The credit union commission is responsible for adopting rules necessary to administer the credit union provisions of the texas finance code. Section 1026 35 c 2 provides exemptions solely from the requirements of section 1026 35 c 3 through 6. Section 35 rules include certain rural and underserved properties for which lenders do not have to establish escrow accounts.

The section 35 rules only apply if the property is designated rural or underserved as of the date the borrower signs the mortgage note also known as the time of consummation. Each credit union must train staff to implement its identity theft protection program. Updated guidance to reflect changes to the lending framework for credit unions made by the credit union act 1997.

Links to the credit union specific sections of the texas administrative code are included below. The federal credit union must also limit its aggregate municipal securities holdings to no more than 75 percent of the federal credit union s net worth and limit its holdings of municipal securities issued by any single issuer to no more than 25 percent of the federal credit union s net worth. Credit union act 1997 regulatory requirements amendment regulations 2019.

I this credit union is federally insured by the national credit union. Ncua is the regulator for all federal credit unions. A each insured credit union must include the official advertising statement prescribed in paragraph b of this section in all of its advertisements including on its main internet page except as provided in paragraph c of this section.

All descriptive terms of these two types of properties must conform to definitions in the urban influence codes uics of the u s. Institutions subject to the requirements of firrea and its implementing regulations that make a loan qualifying for an exemption under section 1026 35 c 2 must still comply with appraisal and evaluation requirements under firrea and. Regulation cc 12 c f r.

Removal of the section 35 regulatory requirements for credit unions following their rescission as of 1 january 2020. Federal credit unions generally have the word federal in its name. Additionally credit unions with headquarters in arkansas delaware south dakota wyoming or the district of columbia are federal credit unions.