VSECU has become the first credit union in Vermont approved to serve anyone who lives or works anywhere in Vermont. The decision came from the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA) in late 2009.
With the acquisition and merging of regional and state banks in Vermont, this decision comes at a time when Vermont consumers are left with less choice for local banking needs. Now VSECU can be an alternative to for-profit banks, with a stable and local presence for all Vermonters.
This exciting change comes after years of working with other state-chartered credit unions through the Association of Vermont Credit Unions and BISHCA to modernize the credit union statute. The Vermont legislature passed H.149 in May 2006, paving the way for greater competition among all financial institutions in Vermont and greater choice for consumers.