§ 32103. Expanded powers of Vermont credit unions

(a) Subject to the requirements of this section, in addition to all other powers permitted under these statutes, a credit union may exercise any of the powers or engage in any activity conferred upon a federal credit union chartered under the laws of the United States of America.

(b) Prior to engaging in such power or activity, the credit union shall notify the Commissioner of its intent to engage in the activity or power conferred upon a federal credit union. The notification shall identify the power or activity, shall identify the specific federal law or regulation that permits such power or activity, shall identify any Vermont law or regulation that may prohibit or restrict such power or activity, and shall provide such additional information as the Commissioner may request.

(c) If the Commissioner determines that such power or activity is permitted by federal law or regulation, that such power or activity would not adversely affect the safety or soundness of such credit union, and that such power or activity is not prohibited or restricted by any other applicable Vermont law or regulation, the Commissioner shall issue a written letter of nonobjection to the credit union's engaging in such power or activity. A credit union shall not engage in such power or activity without first obtaining a written letter of nonobjection from the Commissioner.

(d) The Commissioner shall respond to the credit union's notification within the time frame set forth in section 30804 of this title.

(e) In the event the Commissioner objects to the credit union's proposed power or activity, the credit union shall have the reconsideration and appeal rights set forth in section 30805 of this title. (Added 2005, No. 16, § 1, eff. July 1, 2005.)