Change 53 to Update the Texas Rules for Credit Unions Page: 9,132
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(g) Guest travel. A credit union's board may authorize the payment of travel expenses that
are reasonable in relation to the credit union's financial condition and resources for one guest
accompanying a director or committee member to an approved conference or educational
program. The payment will not be considered. compensation for purposes of Finance Code
122.062 if:
(1) it is determined by the board to be necessary or appropriate in order to carry out
the official business of the credit union; and
(2) it is in accordance with written board policies and procedures.
Source: The provisions of this 91.502 adopted to be effective August 14, 2000, 25 TexReg 7632;
amended to be effective July 11, 2004, 29 TexReg 6628; amended to be effective July 8, 2007, 32 TexReg
3979; reviewed and amended to be effective July 10, 2011, 36 TexReg 4110;reviewed and amended to be
effective November 9, 2014, 39 TexReg 8572; reviewed and readopted to be effective February 23, 2015,
40 TexReg 1112; reviewed and readopted to be effective March 8, 2019, 44 TexReg 1533.
91.503. Change in Credit Union President
The board of directors, in executing its fiduciary responsibilities, may find it necessary to
replace the credit union's president. The board shall submit written notification to the
commissioner within ten days of any such personnel change. For purposes of this section, the
term president refers to the individual responsible for the day-to-day operation of the credit
union, irrespective of the actual title given to such individual.
Source: The provisions of this 91.503 adopted to be effective January 7, 2004, 29 TexReg 82; readopted
to be effective March 2, 2007, 32 TexReg 1101; reviewed and readopted to be effective February 18,
2011, 36 TexReg 1569; reviewed and readopted to be effective February 23, 2015, 40 TexReg 1112;
reviewed and readopted to be effective March 8, 2019, 44 TexReg 1533.
91.510. Bond and Insurance Requirements.
(a) Fidelity bond. Each credit union shall purchase and maintain a blanket fidelity bond
covering the officers, directors, employees, committee members, and its agents, against loss
caused by dishonesty, burglary, robbery, larceny, theft, holdup, forgery or alteration of
instruments, misplacement or mysterious disappearance. All carriers writing credit union
blanket bonds must be authorized by the Insurance Commissioner for the state of Texas as an
acceptable fidelity on bonds in this state.
(1) Subject to approval by the credit union's board of directors, the amount of
coverage to be required for each credit union shall be determined by the credit union, based on
its assessment of the level that would be safe and sound in view of the credit union's potential
exposure to risk.
(2) Each credit union may maintain bond coverage in addition to that provided by the
insurance underwriter industry's standard forms, through the use of endorsements, riders, or
other forms of supplemental coverage, if, in the judgment of the credit union's board of directors,
additional coverage is warranted.
(3) The commissioner may require additional coverage of any credit union when, in
his opinion, the fidelity bond in force is insufficient to provide adequate fidelity coverage. It91-32
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Texas. Credit Union Department. Change 53 to Update the Texas Rules for Credit Unions, text, March 25, 2019; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1364949/m1/6/: accessed July 3, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.