Member Access to Credit Union Documents
The Texas Administrative Code, Title 7, Part 6, Chapter 91, Subchapter C, Rule 91.315 Members’ Access to Credit Union Documents, provides the membership access to certain credit union documents. The purpose of this policy is to ensure that Corpus Christi S.P. Credit Union (CCSPCU) complies with adherence to all mandated state and federal credit union regulations.
The Texas Administrative Code requires:
1) CCSPCU will provide to its membership of the availability of certain documents related to the Credit Union’s finances and management.
2) CCSPCU will post a copy of the required notice on its website throughout the year and publish the notice in the credit union’s newsletter twice a year.
3) Upon written request, a member is entitled to review or receive a copy of the most recent version of the following documents:
• Balance sheet and income statement (the non-confidential pages of the latest call report may be provided to meet this requirement)
• Summary of the most recent annual audit
• Written board policy regarding access to the articles of incorporation, bylaws, rules, guidelines, board policies, and copies thereof; and
• Internal Revenue Service Form 990
INSPECTION PROCEDURES
The individual requesting access to credit union documents must be a member of the credit union. The member must provide a written request, stating which documents are requested. The credit union shall respond within 14 days and keep copies of all requests and documents for record keeping purposes.
Member inspection rights under this section are in addition to any other member inspection rights afforded by the credit union’s charter or bylaws or other state and federal laws or regulations.
CONFIDENTIAL BOOKS, RECORDS, AND MINUTES
Members do not have the right to inspect any portion of the books, records, or minutes of a state chartered credit union if:
• State and/or Federal law or regulation prohibits disclosure of that portion.
• The publication of that portion could cause the credit union predictable or substantial financial harm.
• That portion containing nonpublic personal information, as defined in the Gramm Leach Bliley Privacy Act and NCUA Regulation 716.3 (dealing with member privacy and the disclosure of information) would constitute a clearly unwarranted invasion of personal privacy of employees or officials.
COSTS
CCSPCU may charge members the direct and reasonable costs associated with search and duplication. CCSPCU will not charge for other costs, including indirect costs or attorney’s fees.
BOARD APPROVED 12/15/2011
CCSPCU 71st ANNUAL REPORT TO MEMBERSHIP 2023
Board of Directors:
Juan Garza Jr Board Chairman Term Expiration 2025
George Torres Board Vice Chairman Term Expiration 2026
Evelyn Page Board Secretary Term Expiration 2024
Veronica Garza Board Treasurer Term Expiration 2025
Rose Nunez Board Membership Officer Term Expiration 2025
Senior Management:
Orfi S. Benitez President/CEO No changes in 2023
Membership Size as of December 31, 2023- 624 Members
Bylaw and Articles of Incorporation No Changes in 2023
Services Offered:
• Share (Savings) Accounts
• Share Draft (Checking) Accounts
• Loans-New & Used Auto, Boat and Unsecured Loans
• Certificate of Deposits
• Christmas & Vacation Club Accounts
• Debit Cards
• CCSPCU Website
• Internet Online Account Access thru CCSPCU website
• Audio Response
• Credit and Debit Card Cash Advances
• ACH Origination and Receiving
• Payroll Deduction
• Vehicle and Motorcycle Extended Warranties thru Route 66
• Credit Life, Disability and GAP Insurance thru American National Insurance
• Outgoing Wires
• ATM
• Night Depository
Financial Condition and Operating Results are as follows:
Year End Balance Sheet as of 12/31/2023
Assets – $3,433,715.65
Cash- $84,666.99
Investments – $777,145.63
Other Assets- $122,241.75
Total Assets- $4,417,770.00
Total Liabilities – $5,233.75
Total Members’ Equity – $4,365,466.25
Total Liabilities and Members’ Equity- $4,417,770.00
Income Statement as of 12/31/2023
Total Income- $371,023.40
Total Expenses- $255,335.34
Total Cost of Funds- $50,179.79
Total Net Income- $65,508.27
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