Rewrite Focuses On Modernization

The Vermont Credit Union League, in support of Vermont regulator's initiative, is in the midst of a 150-page rewrite of Vermont's credit union statutes. The goal is modernization and to bring state charters into parity with their federal counterparts. Since the inception of this project, banker-inspired rumors abound that there will be attempts to bring credit unions into the tax arena at a variety of levels, restrictions on FOM, and limitations on powers. Testimony by the regulator, followed by credit unions and others, has only recently begun, but lobbying has been in play for some time. Although lobbying efforts and rumors of banker opposition persist, nothing concrete has been proposed. The league has been pro-active in bringing up potentially contentious points in testimony and lobbying efforts, and preparing background pieces positioning credit unions as unique cooperatives different from other institutions.