Vermont § 30604 - Examinations; cooperative agreements

§ 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.)