Vermont Commerce Committee Hobbles CU Bill

MONTPELIER, Vt. – In a surprising change of events, the chairman of the Vermont House Commerce Committee announced his decision to set aside – until the start of the new legislative session in January – the bill that would rewrite the state’s credit union regulatory statute. Despite progress made in revising the bill, Chairman Mark Young, who will not be seeking reelection this fall, along with several other members of the Committee, determined that too many points of controversy remained to be addressed before the end of the current legislative session. Instead, an updated draft of the bill that incorporates points approved to date will be issued for next year. Despite the setback, supporters of the bill feel confident in its eventual success. At the Vermont Credit Union League’s annual convention this past weekend, Republican Gov. James Douglas reaffirmed his administration’s commitment to seeing the legislation passed. The League in its weekly online newsletter encourages members to remain vigilant in their efforts to obtain signatures in support of the bill and to send e-mails to legislators. According to President Joseph Bergeron, the League also will become more active in meeting with legislators to determine their support. “You can’t predict success, but we’re confident,” Bergeron said. “The make up of individuals in the House Committee will be very different next year. We’ll have to take a look at what the regulator comes up with in the new version of the draft and enter into discussions with them. We’ll also do what we can to get people who are friendly to credit unions elected in the fall.”