The banking industry’s longstanding effort to deter or prevent credit unions from using the words “bank” and “banking” in advertising was advanced to a new plateau last week with a proposed cease and desist order placed by the state’s top regulator on the $600 million Vermont State Employees Credit Union.
The recent decision by the State of Vermont Department of Financial Regulation ordering the Vermont State Employees Credit Union to stop using words such as “bank” and “banking” in its marketing, communications and advertising begs the question, are you really serious?
I was galled at the childishness of bankers in Vermont putting the regulator up to blocking a credit union from using the term “banking” in its marketing materials, and the state regulator for his, at best, naiveté. Readers had the same reaction as you can see from the comments posted...
The $317 million Heritage Family Credit Union of Rutland, Vt. has merged the ailing $16 million Central Vermont Public Service Employees Credit Union.
The $128 million One Credit Union in Springfield, Vt., is converting to the Symitar Episys core processing system through the Synergent service bureau.
State regulator accepting comments on proposed revisions until March 16.
Heritage Family CU re-opens closed branches but says human resources VP stuck at home by closed roads.
What might look like a typical thumb drive to members of Northern Lights Federal Credit Union may actually be what regulators consider a top-tier secure and compliant way to access the Internet for online banking and shopping.