Vermont § 32103 - Expanded powers of Vermont credit unions

§ 32103. Expanded powers of Vermont credit unions

• (a) Subject to the requirements of this section, in addition to all other powers permitted
  under these statutes, a credit union may exercise any of the powers or engage in any
  activity conferred upon a federal credit union chartered under the laws of the United
  States of America. (b) Prior to engaging in such power or activity, the credit union shall notify the Commissioner
  of its intent to engage in the activity or power conferred upon a federal credit union.
  The notification shall identify the power or activity, shall identify the specific
  federal law or regulation that permits such power or activity, shall identify any
  Vermont law or regulation that may prohibit or restrict such power or activity, and
  shall provide such additional information as the Commissioner may request. (c) If the Commissioner determines that such power or activity is permitted by federal
  law or regulation, that such power or activity would not adversely affect the safety
  or soundness of such credit union, and that such power or activity is not prohibited
  or restricted by any other applicable Vermont law or regulation, the Commissioner
  shall issue a written letter of nonobjection to the credit union’s engaging in such
  power or activity. A credit union shall not engage in such power or activity without
  first obtaining a written letter of nonobjection from the Commissioner. (d) The Commissioner shall respond to the credit union’s notification within the time
  frame set forth in section 30804 of this title. (e) In the event the Commissioner objects to the credit union’s proposed power or activity,
  the credit union shall have the reconsideration and appeal rights set forth in section 30805 of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)