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Can you summarize 7 TXAC 91.208?
ORGANIZATION PROCEDURES > Notice of Known or Suspected Criminal Violations
Short Summary
This document, part of the Texas Administrative Code, specifically the section on Chartering, Operations, Mergers, and Liquidations of Credit Unions, outlines the requirements for credit unions to exercise due diligence in discovering, investigating, and reporting criminal activity that affects them. The credit unions are required to provide written notice to the Department within 30 calendar days for known or suspected criminal violations, including insider abuse involving any amount, other transactions aggregating $5,000 or more that may involve money laundering or violations of the Bank Secrecy Act, and losses resulting from robbery or burglary. The credit unions may fulfill the reporting requirements by providing a copy of a Suspicious Activity Report prepared in accordance with the NCUA Rules and Regulations. The timeframe for reporting may be extended up to 60 days when authorized by the regulation.
Whom does it apply to?
Credit unions
What does it govern?
Known or suspected criminal violations affecting credit unions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Texas