| Rule Number: |
16P043 |
| Title: |
Credit Union Member Business Loans. |
|
Type:
|
Standard |
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Status:
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Adopted |
| Agency: |
Department of Financial Regulation
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| Legal Authority: |
8 V.S.A. §§ 10, 15, 30203, and 32401. |
| Summary:
| The Department of Financial Regulation (Department) intends to repeal its Credit Union Member Business Loans regulation, Regulation B-2012-01. Vermont state chartered credit unions making member business loans will still be subject to the National Credit Union Administration (NCUA) Member Business Loan regulation, 12 CFR Part 723, rather than the Department's Regulation B-2012-01. Pursuant to 8 V.S.A. § 32402, a Vermont State chartered credit union must still obtain the Department's prior written approval before engaging in the business of making member business loans. |
| Persons Affected:
| Vermont state chartered credit unions and the Department of Financial Regulation. |
| Economic Impact:
| None. There will be no economic impact because Vermont state chartered credit unions making member business loans are already subject to, and are following, the NCUA regulation instead of the Department's regulation. |
| Posting date: |
Aug 24,2016 |
| Information for Contact # 1 |
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Level:
|
Primary
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| Name: |
Sue S. Clark |
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Agency:
|
Department of Financial Regulation
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| Address: |
89 Main Street, 3rd Floor |
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| City: |
Montpelier |
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| State: |
VT |
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| Zip: |
05620-3101 |
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| Telephone: |
802-828-3307 |
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| Fax: |
802-828-1477 |
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Email: |
sue.clark@vermont.gov
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| Website Address: |
http://www.dfr.vermont.gov/proposed-rules-and-regulations
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| Information for Contact # 2 |
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Level:
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Secondary
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| Name: |
Steven Knudson |
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Agency:
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Department of Financial Regulation
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| Address: |
89 Main Street, 3rd Floor |
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| City: |
Montpelier |
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| State: |
VT |
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| Zip: |
05620-3101 |
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| Telephone: |
802-828-3301 |
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| Fax: |
802-828-1477 |
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Email: |
steven.knudson@vermont.gov
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