Credit Unions Win Right To Use Words 'Bank' And 'Banking'
10/05/12 4:26PM By Steve Zind
A dispute over the use of words like "bank" and "banking" by the Vermont State Employees Credit Union has been resolved.
Vermont statutes prohibit credit unions from using such words without the permission of the commissioner of the Department Of Financial Regulation.
Earlier this year the department issued a "cease and desist" order after the state employees credit union used the term ‘banking' in its advertisements.
The credit union asked for a hearing on the matter and now the state says the issue has been resolved.
Credit unions will be allowed to use "bank," "banking" and similar words as long as it's clear the advertisement is for a credit union.