Association of Vermont Credit Unions Inc.

Overview

The Association of Vermont Credit Unions Inc. is a nonprofit trade association operating in the financial services sector, specifically focusing on credit unions. It serves as a federated organization for twenty state and federally chartered credit unions within Vermont.

History

Founded in 1947 as the "Vermont Credit Union League," the Association of Vermont Credit Unions Inc. has its roots in the early days of Vermont's credit union movement. The first credit union in Vermont was established in 1935 among employees of the Burlington Rendering Company. However, organized cooperation among these financial cooperatives began to take shape with the involvement of Roy F. Bergengren, a co-founder of the Credit Union National Association, who moved to Vermont and became active in promoting credit unions through the Vermont Cooperative Council.

Functions and Services

This organization plays a crucial role in providing a variety of services to its member credit unions, including:

• Legislative Advocacy: Representing the interests of Vermont credit unions before state legislators.
• Regulatory and Compliance Assistance: Helping member credit unions navigate regulatory requirements.
• Training and Staff Development Opportunities: Offering workshops and educational resources for credit union staff.
• Networking and Business Support Services: Facilitating collaboration among member credit unions and providing operational support.
• Marketing and Youth Financial Education Programs: Implementing statewide initiatives to promote financial literacy and awareness about credit unions.

Economic Impact

The Association supports credit unions that significantly contribute to Vermont's economy. Credit unions in Vermont serve over 63% of the state's population, providing substantial benefits such as savings for their members and significant economic contributions through mortgage, consumer, and business loans.

Governance and Financials

The Association is classified as a business league, not a charity, meaning donations to this organization are not tax-deductible. As of December 2023, it reported a revenue of $652,000 and expenses of $606,000, with total assets of approximately $3.45 million. The organization's leadership includes Joseph G. Bergeron as President.

Collaborations and Membership

The Association of Vermont Credit Unions Inc. is a member of the Credit Union National Association, which aligns it with national credit union advocacy efforts. This membership facilitates cooperation and resource sharing at both state and national levels.