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Vermont’s banking regulator said Wednesday the controversy over Vermont State Employees Credit Union and other credit unions in the state using “bank” or “banking” in advertising has been a legal issue that’s percolated for years and has now formally surfaced.

Thomas Candon, the state’s deputy commissioner of banking, said a 1969 law states that only banks can use “banks” or “banking” in their advertising and a similar 2006 recodified law provides the same limitations or barriers for “credit unions” for use in industry ads.

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