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Committee hears Senate amendments to H137 that clarify governance rules for mutual savings banks
Summary
Senate amendments to H137 would tighten statutory governance for mutual savings banks’ corporators, requiring a majority of corporators be depositors, two-thirds be independent, and stating corporators’ fiduciary duties; Vermont Bankers Association and DFR told the committee they support the clarifying language.
The Vermont House Committee on Commerce and Economic Development on May 6 took up the portion of H137 that amends corporate-governance rules for mutual savings banks, a type of bank owned by depositors. The Senate-passed amendments would clarify who may serve as corporators, define independence requirements and state fiduciary duties for corporators.
Chris Delia, president of the Vermont Bankers Association, told the committee the proposal was developed with bank legal counsel and the Department of Financial Regulation (DFR) after a mutual savings bank preparing a holding-company conversion sought clearer statutory guidance. "The FDIC in looking at our statute said it could be more…
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