Federal Register - Credit Unions Proposals Texas Relevant

Statutory Liens

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Summary

- The NCUA Board is proposing to remove a redundant provision regarding statutory lien authority for federal credit unions. - This provision is considered unnecessary as it does not provide value in determining applicable laws.

Why It Matters for Texas Credit Unions

Relevant because Texas credit unions, being part of the broader federal credit union system, would be affected by any changes to NCUA regulations.

Original Source Material

The NCUA Board (Board) is publishing this proposed rule to remove a provision of NCUA regulations regarding federal credit unions' (FCUs) statutory lien authority. The Board believes it is redundant to continue to include a definition of the term "except as otherwise provided by law or except as otherwise provided by federal law" when it is axiomatic that a law that supersedes this regulation would be controlling. The provision does not provide any assistance to FCUs in determining whether such statutory or case law exists, therefore it has no material value.