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‘Bank’ Case Hearing Set In Vermont

Vermonts regulator, now at the center of a bank-credit union scrap over the use of bank and banking in credit union advertising, last week set Aug. 22 as the date for a preliminary conference hearing on a proposed cease and desist order against the $600 million Vermont State Employees Credit...

By Jim Rubenstein | Updated on August 05, 2012

Vermont’s regulator, now at the center of a bank-credit union scrap over the use of “bank” and “banking” in credit union advertising, last week set Aug. 22 as the date for a preliminary conference hearing on a proposed cease and desist order against the $600 million Vermont State Employees Credit Union.

Steve Kimbell, commissioner of banks and credit unions and head of the Vermont Department of Financial Regulation, named Robert Simpson, a retired Chittenden County State Attorney, as hearing officer for what is shaping up to be a contentious proceeding on the merits of an administrative action by the state to block the bank language.

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