The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
007
:
CREDIT UNION SERVICE ORGANIZATIONS (CUSO)
(Cite as: 8 V.S.A. § 32704)
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§ 32704. Limitation on loans to and investments in a CUSO
(a) A credit union may invest its funds in or make loans to a CUSO, provided the total
of any such investment in or loan to any one CUSO does not exceed two percent of the
total paid-in and unimpaired capital and surplus and share deposits as of its last
calendar year-end financial report of the credit union without regard to the amount
derived from the profitability of such CUSO.
(b) As used in subsection (a) of this section:
(1) paid-in and unimpaired capital and surplus means shares plus postclosing, undivided
earnings (this does not include regular reserves or special reserves required by law,
regulation, or special agreement between the credit union and its regulator or share
insurer); and
(2) total investments in and total loans to CUSO will be measured consistent with generally
accepted accounting principles.
(c) If the Commissioner determines that a credit union’s investments in or loans to any
CUSO exceed the limitations of this section or are otherwise not prudent for the credit
union to maintain, the Commissioner may require the credit union to divest such loans
or investments. (Added 2005, No. 16, § 1, eff. July 1, 2005.)