The November 2014 newsletter of the Texas Credit Union Department on page 3 stated that enforcement actions taken by the Texas Credit Union Department are confidential information, according to the Texas Finance Cose.
The newsletter noted that "determination letters, cease and desist orders, removal orders and documents related to these are confidential documents." The newsletter did note that only in rare and exceptional cases can the Commissioner make public these orders.
The newsletter also pointed out that conservatorship orders are protected from disclosure. I think members have the right to know when their credit union is taken over by the state.
Other state credit union regulators, such as Illinois, Washington, Oregon, and California, make these enforcement orders public.
The Texas legislature should amend its statute to allow for the publication of these enforcement orders.
Transparency and the preservation of the confidentiality of exam related documents are not mutually exclusive.
Read the newsletter.
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