SECTION 75.151. Eligible Institution

An eligible institution is a financial institution that:

(1) is well capitalized as defined by 12 C.F.R. §324.403;

(2) received a composite rating of either 1 or 2 as defined by the Uniform Financial Institutions Rating System (CAMELS) at the most recent examination by the Department or federal regulatory agencies, and management is rated either 1 or 2;

(3) received a CRA and compliance rating of satisfactory or above at the savings bank's most recent inspection by the appropriate federal banking agency;

(4) is not operating in violation of a regulatory condition or directive imposed by the state or federal banking regulatory agency; and

(5) is not operating under a supervisory action of, or a plan for remedial or corrective action imposed by, a state or federal banking agency.

Source Note: The provisions of this §75.151 adopted to be effective November 20, 2022, 47 TexReg 7535