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RULE §15.44Establishment and Operation of a Center of Monetary Education for Texans

(a) "Center Of Monetary Education for Texans" (COMET) means a financial education program in which a state bank participates and provides services such as receiving deposits, paying withdrawals, or lending money.

(b) A COMET is not a branch within the meaning of Finance Code §31.002(a)(8), nor is it subject to licensing, registration, or prior regulatory approval, so long as it meets the following conditions:

  (1) The service or services are provided on school premises, or a facility used by the school;

  (2) The service or services are provided at the discretion of the school;

  (3) The principal purpose of each program is financial education. For example, the principal purpose of a program would be considered to be financial education if the program is designed to teach students the principles of personal financial management, banking operations, or the benefits of saving for the future, and is not designed for the purpose of profit-making; and

  (4) The program is conducted in a manner that is consistent with safe and sound banking practices and complies with applicable law.

(c) A state bank shall give the banking commissioner 30 days written notice before it begins providing services at a COMET, except that the banking commissioner may waive or shorten the notice period if the banking commissioner does not have a significant supervisory or regulatory concern regarding the bank or its planned COMET. The written notice must include the name of the school and the physical address of the planned COMET, a list of the specific activities to be performed at the planned COMET, the anticipated date for the opening of the COMET, and other information which the banking commissioner may reasonably request.

Source Note: The provisions of this §15.44 adopted to be effective November 6, 2008, 33 TexReg 8906

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