The Oct. 5 bulletin to credit unions from the Vermont Department of Financial Regulation doesn't give the non-profits any new rights to use the word "banking" in advertising, said DFR General Counsel Clifford Peterson.
The statute is what it is, Peterson said Monday in an interview with Credit Union Times.
Rather, he said, the legal clarification answers the question of whether a credit union's use of the terms "bank" and "banking" is misleading or confusing to consumers.
Although state-chartered credit unions in Vermont can use the term "banking" when referring to the services it provides, such as accepting money on deposit, extending credit or offering debit card services, it must disclose that it is a credit union.
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