§33104. Supervisory agreements; costs of examinations

Link to law: http://legislature.vermont.gov/statutes/section/08/223/33104
Published: 2015

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Title

08

:
Banking and Insurance






Chapter

223

:
OFFICES, OUT-OF-STATE OFFICES, AND OFFICES OF STATE CREDIT UNIONS











 

§

33104. Supervisory agreements; costs of examinations

(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.

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