Texas regulator: credit unions are free to react to Covid-19 pandemic

State Issues Covid-19 Texas Credit Union

On March 13, the Texas Credit Union Department clarified its supervisory stance regarding how credit unions react to swiftly changing conditions resulting from Covid-19. The regulator indicated that while credit unions and their management teams should consult with appropriate legal and medical professionals when making Covid-19 related decisions, they are free to react as the Covid-19 scenario plays out so long as their decisions are reasonable and documented.