REGULATING AGENCY: Vermont Department of Financial Regulation
- Kevin Gaffney, Acting Commissioner of Banking
- Molly Dillon, Deputy Commissioner of Banking
- Website: dfr.vermont.gov
- Press Releases
- Industry News
LEAGUE: Association of Vermont Credit Unions
PRIVATE SHARE INSURANCE: No
STATS: (As of Q4 2021)
Total Number of Credit Unions: 18
- TOTAL # SCUs: 12
- TOTAL # FCUs: 6
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 67%
Total Assets: $6,476,637,705
- TOTAL $ SCU ASSETS: $1,998,811,168
- TOTAL $ FCU ASSETS: $4,477,826,537
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 31%
Total Members: 410,565
- TOTAL Members SCUs: 148,712
- TOTAL Members FCUs: 261,853
- SCU % OF TOTAL (SCUS/STATE TOAL): 36%
FUN FACT: President Calvin Coolidge was born here, and he was the only US president born on the fourth of July.
January 3, 2022 — Credit unions have received their first green light from the National Credit Union Administration to partner with crypto firms to help members to manage digital assets.
Many credit unions were hesitant to delve into the cryptocurrency market amidst concerns of regulatory backlash from the NCUA. The agency offered clarity this month to address concerns voiced by many in the credit union industry.
“The NCUA does not prohibit federally insured credit unions from partnering with third-party providers of digital asset services that leverage evolving technologies,” Todd Harper, chairman of the NCUA, said in a letter to the industry.
Harper also provided credit union executives with supplementary guidance, outlining potential areas of concern such as member disclosures and topics to address when signing contracts with partners.
Visions Federal Credit Union in Endicott, New York, began working with the New York City-based Bitcoin servicer NYDIG back in October after reviewing conversations and existing signals from the NCUA. The credit union expects to launch the feature allowing members to buy, sell and hold digital assets through NYDIG in January.
“We’ve become pretty close with the vice chairman of the NCUA, with the National Association of Federally-Insured Credit Unions and with many other trade associations, and we’ve been working to try and push for guidance like this … so this is what we were waiting for,” said Cynthia Schroeder, senior vice president and chief information and innovation officer of the $5.5 billion-asset Visions.
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