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 “Battle Over the B-Word” was heating up Tuesday with Vermont's top credit union regulator, bankers and the $600 million Vermont State Employees Credit Union.
State banking commissioner cites 1969, 2006 laws in cease-and-desist order against Vermont State Employees Credit Union.
CEO Steven Post said he has asked Vermont regulator for more information about complainant and expects hearing on appeal in four to six weeks.
Credit union hit with banker-backed state order to quit using "banking" in ads and marketing.