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Vt. Regulator May Nix 'Banking' in CU Ads

The banking industrys longstanding effort to deter or prevent credit unions from using the words bank and banking in advertising was advanced to a new plateau last week with a proposed cease and desist order placed by the states top regulator on the $600 million Vermont State Employees Credit Union.

By Jim Rubenstein | Updated on July 30, 2012

The banking industry’s longstanding effort to deter or prevent credit unions from using the words “bank” and “banking” in advertising was advanced to a new plateau last week with a proposed cease and desist order placed by the state’s top regulator on the $600 million Vermont State Employees Credit Union.

With the help of CUNA and the Association of Vermont Credit Unions, the Montpelier credit union was fighting back in both the public and private arena to reverse an intent order prior to a hearing in late August scheduled by Steve Kimbell, the Vermont commissioner and head of the Department of Financial Regulation that supervises, credit unions, banks and insurance firms.

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