Sec. 123.201. POWER TO BORROW OR LEND. (a) A credit union may: (1) lend its funds, or engage in any other type of financing transaction authorized by applicable law or rules adopted by the commission; and (2) borrow money from any source, subject to Subsection (b). (b) A credit union may not incur a debt without the commissioner's prior approval if the debt will cause the debt of the credit union, including a deposit of a nonmember financial institution, to exceed an amount equal to 500 percent of the credit union's unencumbered reserves and undivided earnings. (c) The commissioner shall grant or deny a request for approval under Subsection (b) not later than the 10th day after the date on which the request is made.
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