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Texas regulator: credit unions are free to react to Covid-19 pandemic
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.
Texas regulator issues guidance for credit union contingency plans
On March 10, the Texas Credit Union Department issued guidance to credit unions encouraging them to update their pandemic procedures, initiate contingency plans, and take steps to reduce Covid-19 transmission. The department also urged credit unions and their boards to remain informed on Covid-19 developments.