Bank and credit-union leaders brief Commerce & Economic Development committee on fraud, crypto kiosks and cannabis banking

ST. — On Jan. 16, 2025, the Sumitomo House Committee on Commerce and Economic Development heard presentations from leaders of the state’s banking and credit-union trade groups about regulation, fraud prevention, crypto kiosks and the limits of banking for cannabis businesses.

The presentations, delivered by Chris Delia, president of a bankers association, and Joe Bergeron, president of the Association of Vermont Credit Unions, outlined how state and federal regulatory differences shape institution behavior and stressed rising consumer fraud and the ways new payment and crypto machines can be misused.

Why it matters: committee members were given background on who regulates banks in Vermont and where the Legislature’s policy choices fit against federal rules. The session highlighted consumer-protection risks and gaps that can affect residents’ deposits and small businesses, including retail cannabis outlets that often struggle to obtain banking services.

Delia described the regulatory landscape for banks, saying institutions can be…