Texas Finance Code 15.410 – Share and Depositor Insurance Protection
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(a) The commission shall adopt, and the commissioner shall enforce, reasonable rules requiring a credit union to provide share and deposit insurance protection for credit union members and depositors.
(b) Rules adopted under this section must include authorization for and establishment of a share and deposit guaranty corporation or credit union under the department’s exclusive regulation to enable the department to carry out the purposes of this chapter and Subtitle D, Title 3.
Terms Used In Texas Finance Code 15.410
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
(c) A credit union may provide share and deposit insurance protection through another source approved by the department, including a program of the National Credit Union Administration.