| (a) If the officer in charge of a credit union determines
that an emergency that affects or may affect one or more of the credit
union's offices or operations exists or is impending, the officer
may determine:
(1) not to conduct the involved operations or open
the offices on any normal business day of the credit union until the
emergency has passed; or
(2) if the credit union is open, to close the offices
or the involved operations for the duration of the emergency.
(b) Subject to subsection (c) of this section, a closed
office or operation may remain closed until the officers determine
that the emergency has ended and for any additional time reasonably
required to reopen.
(c) A credit union that closes an office or operation
under this section shall notify the commissioner of its action by
any means available and as promptly as conditions permit. In addition,
notice of such closure should be posted on the home page of the credit
union's website and on its social media pages. An office or operation
may not be closed for more than three consecutive days, excluding
days on which the credit union is customarily closed, without the
commissioner's written approval.
(d) Each credit union shall maintain on file with the
department a report of emergency contact information pertaining to
its officers, directors, and committee members in such form as the
commissioner may prescribe.
(e) In this chapter, the following words and terms
shall have the following meanings:
(1) Emergency--means a condition or occurrence that
physically interferes with the conduct of normal business at the offices
of a credit union or of a particular credit union operation or that
poses an imminent or existing threat to the safety or security of
persons, property, or both. The term includes a condition or occurrence
arising from:
(A) fire, flood, earthquake, hurricane, tornado, or
wind, rain, ice or snow storm;
(B) labor dispute or strike;
(C) disruption or failure of utilities, transportation,
communication or information systems and any applicable backup systems;
(D) shortage of fuel, housing, food, transportation,
or labor;
(E) robbery, burglary, or attempted robbery or burglary;
(F) epidemic or other catastrophe; or
(G) riot, civil commotion, enemy attack, or other actual
or threatened act of lawlessness or violence.
(2) Officer in charge--means the president of the credit
union, or a person designated by the president, who shall have the
authority to take all necessary and appropriate actions to deal appropriately
with the emergency. The president of a credit union shall always have
an individual designated as an officer in charge during his/her absence
or unavailability.
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| Source Note: The provisions of this §91.5001 adopted to be effective August 9, 1999, 24 TexReg 6026; amended to be effective March 13, 2006, 31 TexReg 1649; amended to be effective March 29, 2018, 43 TexReg 1838 |
