The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 220 : Supervision and Regulation

Subchapter 006 : Examinations

• § 30601. Examinations

  (a) The Commissioner shall conduct a regular examination of the condition of each Vermont credit union at least once every three years or more frequently as the Commissioner deems prudent.

  (b) The Commissioner may at any time conduct a special examination or may expand the scope of any regular examination. An entity examined pursuant to this subsection shall be responsible for examination fees and expenses as provided in sections 18 and 19 of this title.

  (c) The Commissioner shall be given access to all the files, books, accounts, securities, and assets of the credit union and any person under contract with it to perform services for the credit union that the Commissioner deems material to the financial condition of the credit union and shall be afforded every reasonable facility for making an examination of the affairs of the credit union and such person under contract.

  (d) Whenever the Commissioner deems it necessary, the Commissioner may examine any company that is owned in whole or in part by a Vermont credit union or that is found by the Commissioner to be controlled by a Vermont credit union.

  (e) A report of the examination shall be forwarded to the chairperson of the credit union’s governing body after the completion of the examination. The report shall contain comments relative to the management of the affairs of the credit union and also as to the general condition of its assets. Within 30 days of the receipt of the report, a general meeting of the directors and committee members shall be called to consider matters contained in the report. Upon request of the credit union, a representative of the Department shall attend the meeting. (Added 2005, No. 16, § 1, eff. July 1, 2005.)