§ 31701 - General application - Vermont Statutes

§ 31701. General application

(a) Any corporate credit union chartered by the commissioner shall be subject to such rules, regulations, and orders as the commissioner deems appropriate and, except as otherwise specifically provided in such rules, regulations, or orders, shall be vested with or subject to the same rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to all Vermont state-chartered credit unions.

(b) A corporate credit union shall be federally insured by the National Credit Union Administration (NCUA), or its successor, and shall be subject to such rules, regulations, and orders as the NCUA or its successor deems appropriate. In the event state laws or regulations are inconsistent with the regulations of the NCUA or its successor, the federal regulations will supersede. (Added 2005, No. 16, § 1, eff. July 1, 2005.)