The Vermont Department of Banking, Insurance, Securities and Health Care Administration has moved one step close to revising the state’s credit union business lending regulation.
If adopted, Regulation B-2012-01 would increase the qualification limits of business loans from $15,000 to $50,000, update accounting limitations and establish requirements for credit unions’ policy and qualification requirements of underwriters, among other revisions.
The changes would make the revised rule compatible with the NCUA’s federal provisions.
The Vermont regulator is accepting comments on the revised regulation until March 16.
The regulation can be viewed in its entirety online.