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Record Retention: Financial Institutions, Credit Unions, Independent Trust Companies & Licensees

Regulation
Tuesday, July 1, 2014
B-2014-01

This Regulation outlines record retention requirements for financial institutions, credit unions, independent trust companies, and other persons licensed by the Banking Division of the Department of Financial Regulation ("Department"). Generally, the Regulation requires that an institution be able to rebuild a transaction for seven years from the date of the transaction or seven years from the payoff date of the loan, whichever is applicable. Exceptions to the general seven year rule are set forth in Appendix I of the Regulation.

File attachments: 

http://www.dfr.vermont.gov/sites/default/files/Regulation%20B-2014-01_record_retention.pdf

Regulation B-06-1: Pertaining to State-Chartered Credit Unions

Regulation
Tuesday, July 1, 2014
B-06-1

This regulation sets forth certain conditions pertaining to state chartered credit unions. It establishes requirements regarding minimum bond coverages, director's acknowledgment of examinations, real estate loans, delinquent loans, community development credit unions, and fixed asset limitations.

File attachments: 

http://www.dfr.vermont.gov/sites/default/files/Regulation%20B-06-1_Revised_07_01_2014.pdf

MLO Reasonable Commuting Distance

Bulletin
Wednesday, November 27, 2013
Banking bulletin #42

This Banking bulletin determines the reasonable commuting distance for mortgage loan originators from residence to office of employment.

File attachments: 

http://www.dfr.vermont.gov/sites/default/files/Bulletin%20%2342_MLO%20Reasonable%20Commuting%20Distance.pdf

Mobile Home Disclosure

Bulletin
Wednesday, November 27, 2013
Banking bulletin #41

This Banking bulletin supersedes and replaces Banking bulletin #27 regarding the forms used for mobile home retail installment disclosure.

File attachments: 

http://www.dfr.vermont.gov/sites/default/files/Bulletin%20%2341_Mobile%20Home%20Disclosure.pdf

Home Loan Escrow update

Bulletin
Monday, December 9, 2013
Banking bulletin #40

Regarding home loan escrow, this bulletin supersedes Banking bulletin #17.

File attachments: 

http://www.dfr.vermont.gov/sites/default/files/Bulletin%20%2340_Home%20Loan%20Escrow.pdf

Withdraws All Unnecessary Banking Bulletins

Bulletin
Wednesday, November 27, 2013
Banking Bulletin #39

Withdraws all Banking Division bulletins that are no longer valid.

 

File attachments: 

http://www.dfr.vermont.gov/sites/default/files/Bulletin%20%2339_WD%20Unnecessary%20Bulletins.pdf

Thomas J. Candon

Thomas J. Candon was appointed deputy commissioner of Banking in June 1993 and also served as deputy commissioner of the Securities Division from August 2008 to February 2014.

Mr. Candon has experience with a Vermont bank as a municipal services officer, investment and deposit services officer, mortgage banking manager, and operations division manager.  He held registered securities representative and registered securities principal licenses while at the bank.

Clarification of the application of 8 V.S.A. § 14103 to state-chartered credit unions

Bulletin
Friday, October 5, 2012
Banking Bulletin #37

File attachments: 

http://www.dfr.vermont.gov/sites/default/files/Banking_Bulletin_37_0.pdf

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