Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Bergeron Credit insurance licenses affect all Vermont CUs
SOUTH BURLINGTON, Vt. (2/11/08)--Association of Vermont Credit Unions (AVCU) President Joe Bergeron informed state credit union CEOs and managers last week that credit insurance licensing regulations are about to be implemented. The regulations come after more than two years of work from the insurance arm of the state regulator--the Banking, Insurance, Securities, and Health Care Administration (BISCHA). BISCHA sent a final version of the regulations to the Secretary of State for official filing. A review by the statehouse’s Legislative Committee on Administrative Rules (LCAR) is all that remains before the planned April 1 effective compliance date (Newslines Express Feb. 8) . Under the new regulations, credit unions, banks, car dealers and others selling credit-related insurance would be required to attain a limited line license for their entity and/or employees--such as loan officers--involved in the sale of insurance. Previously, financial institutions were exempt from licensing requirements. Additional disclosure requirements and employee training also are part of the new regulatory mandate. CUNA Mutual Group’s (CMG) legal department has worked closely with AVCU during the past two years to influence the impact of BISCHA’s credit insurance license regulations on credit unions. Following the Feb. 20 LCAR review, credit unions will have one month to prepare for compliance. On behalf of credit unions, AVCU has sought from BISCHA an extension of time for initial compliance. AVCU has provided to member credit unions these details:
* An overview and Q&A of the limited Lines License Regulations; * Copies of the actual regulations from BISCHA; and * AVCU’s letter to BISCHA, requesting additional time for credit union compliance.
CMG is developing a compliance training program for all Vermont credit unions. AVCU continues to seek final details from BISCHA and will coordinate and provide compliance assistance. Soon, pending final release of the regulations, CUNA Mutual and AVCU likely will schedule a teleconference to provide further details to member credit unions.


RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
7 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
9 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
9 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
9 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
10 hours ago