§ 32201 - Deposit powers - Vermont Statutes

§ 32201. Deposit powers

(a) The provisions of subsection 14201(b) of this title governing deposit accounts shall apply to credit unions in the same manner as they apply to financial institutions as defined in subdivision 11101(32) of this title.

(b) Insurance. A Vermont credit union that accepts deposits or an office of a state-chartered credit union authorized to do business in this state shall not accept deposits in this state unless the credit union has insurance with the National Credit Union Administration or the successor to that federal agency.

(c) Cash reserve on deposits and accounts. A credit union shall maintain reserves on deposits or accounts as required from time to time by the Federal Reserve Act, as amended, and any regulations adopted thereunder. (Added 2005, No. 16, § 1, eff. July 1, 2005.)