Monday, July 16, 2012

Resource One's FOM Changes Denied

The Texas Credit Union Department denied Resource One Credit Union's applications to serve individuals who work and reside in Harris County and individuals who live, worship, attend school or work in Denton, and Collin Counties.

According to documents obtained from the Texas Credit Union Department through a Public Information Request, Resource One did not show that the proposed members were within reasonable proximity of their existing offices. The Department concluded that the credit union could not realistically serve the proposed members from its existing offices.

Specifically, in the application for Denton and Collin Counties, the state regulator noted that Resource One had one office in Denton County and no office in Collin County. The regulator stated that the credit union did not establish that the proposed community was within the credit union's local service area. The regulator found that the credit union could not extend services to all persons within the proposed community though its existing office and thus the existing office could not meet the convenience and need of all people in the proposed geographic community.

In the application for Harris County, the credit union had two offices in the county; but once again failed to establish that the proposed community was within its local service area. The regulator concluded that the credit union could not meet the financial needs of all people within the proposed geographic area.

No comments:

Post a Comment

 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.