MONTPELIER, Vt. (8/3/12)--The Vermont Department of Financial Regulation (DFR) has set a prehearing conference to address the cease-and-desist order against the Vermont State Employees CU's (VSECU) use of "banking," "bank," and similar words in its marketing efforts.
The hearing will be at 9 a.m. ET on Aug. 22 at the DFR's offices, General Counsel
Clifford Peterson confirmed to News Now. The hearing officer will be Robert Simpson, formerly of the state attorney's office in Chittenden County, he said.
VSECU CEO Steven Post told News Now that Simpson was selected by DFR Commissioner Steve Kimbell as an impartial official in the case. The credit union's legal counsel is on vacation so the credit union's strategy hasn't been fully determined yet, he said.
The prehearing conference will address "housekeeping" chores such as determining the schedules for the later hearings addressing the cease-and-desist order, Peterson said. He added the conference is open to the public and will be on the third floor at the DFR's 89 Main St., Montpelier address.
The Association of Vermont Credit Unions (AVCU) will be present in support of the credit union, Joe Bergeron, AVCU president, told News Now in an e-mail.
VSECU was notified June 18 by DFR of the cease and desist order. It ordered the credit union to stop using "bank," "banking," "banking cooperative," and similar words in its materials.