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SOUTH BERLINGTON, Vt. — The Association of Vermont Credit Unions has made the state’s banking regulator aware of unsolicited mergers within the credit union industry.

Joseph Bergeron, president/CEO of AVCU, said he has met with officials at the State of Vermont Department of Banking, Insurance, Securities & Health Care Administration to make them aware of “forced mergers.” In April, the association’s board adopted a resolution that states a credit union’s board, taking into consideration the “best interests” of members, has the right to approve or disapprove a merger proposal. The resolution also states that third parties have no right to interfere in the business operations of a credit union or provide “inaccurate or misleading” communications to members of another credit union.

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