Vermont CUs Can Make Member BusinessLoans

MONTPELIER, Vt. - (05/10/05) – A new law allowing statechartered credit unions to provide member business loans for thefirst time was signed into law by the Governor last week. Therecodification of the state’s credit union statute, whichwill affect 32 state charters, will also allow state charters tobranch interstate for the first time and clarify the parity, orwildcard, provision in the statute allowing state charters to doanything that federally chartered credit unions can do uponnotification to the Department of Banking, the chief credit unionregulator. Officials from several area credit unions gathered inthe lobby of Vermont State Employees CU last Friday for a billsigning ceremony to commemorate the new law.