§ 33104 — Supervisory agreements; costs of examinations

Vermont § 33104

• Jurisdiction: Vermont
• Title 8: Title 8: Banking and Insurance
• Ch. 223: Chapter 223: Offices, Out-of-State Offices, and Offices of State Credit Unions

Text

(a) In implementing this chapter, the Commissioner may cooperate with credit union regulators in other states or jurisdictions and may share with the regulators the information received by the Commissioner to the extent necessary to supervise and regulate the credit union.
(b) The Commissioner may enter into supervisory agreements with a state credit union and its regulators to prescribe the applicable laws governing the powers and authorities of Vermont offices of the state credit union.
(c) The agreements may address, but are not limited to, corporate governance and operational matters. The agreements may resolve any conflict of laws and specify the manner in which the examination, supervision, and application processes must be coordinated with the regulators.
(d) The Commissioner may adopt rules for the periodic examination and investigation of the affairs of a state credit union operating in this State. The costs of examination and supervision must be fully borne by the state credit union.

Legislative History

(Added 2005, No. 16, § 1, eff. July 1, 2005.)