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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 220 : SUPERVISION AND REGULATION

Subchapter 006 : Examinations

(Cite as: 8 V.S.A. § 30604)
  • § 30604. Examinations; cooperative agreements

    (a) To the extent consistent with section 30605 of this title, the Commissioner may make such examinations of any office established and maintained in this State by a state credit union as the Commissioner may deem necessary to determine whether the office is being operated in compliance with the laws of this State and in accordance with safe and sound practices. The provisions of sections 18, 19, 30601, 30602, and 30603 of this title shall apply to such examinations.

    (b) The Commissioner may enter into contracts with any credit union supervisory agency that has concurrent jurisdiction over a Vermont credit union or a state credit union maintaining an office or location in this State to engage the services of such supervisory agency's examiners, or to provide the services of the Commissioner's examiners to such supervisory agency.

    (c) The Commissioner may enter into joint examinations or joint enforcement actions with other supervisory agencies having concurrent jurisdiction over any activity engaged in by a credit union in Vermont, over any office or location established and maintained in this State by a state credit union, or any office or location located in any host state that is established and maintained by a Vermont credit union; provided that the Commissioner may at any time take such actions independently if the Commissioner deems such actions to be necessary or appropriate to carry out his or her responsibilities under this title or to ensure compliance with the laws of this State; but provided further, that in the case of a credit union that has its principal place of business in a state other than this State, the Commissioner shall recognize the authority of the home state regulator over organizational governance matters and the primary responsibility of the home state regulator with respect to safety and soundness. (Added 2005, No. 16, § 1, eff. July 1, 2005.)