{
 "jurisdiction_id": "US-VT",
 "jurisdiction": "United States – Vermont",
 "url": "https://payments.gi/jurisdictions/united-states-vermont/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 58,
  "source_register": 142
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w1a-licensing-authorisation-market-access",
   "standing_position": "Vermont's MTL regime (8 V.S.A. ch.79) amended by 2026 Act 142 effective 2026-07-01 (commercial financing provisions 2027-07-01): tightened renewal expiration, change-of-control review, and revocation/cease-and-desist authority.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://legislature.vermont.gov/statutes/chapter/08/079",
     "source_url": "https://legislature.vermont.gov/statutes/chapter/08/079",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "regulator guidance",
     "source": "https://dfr.vermont.gov/industry/banking/financial-services/money-services",
     "source_url": "https://legislature.vermont.gov/Documents/2024/Docs/ACTS/ACT110/ACT110%20Act%20Summary.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "act summary",
     "source": "https://legislature.vermont.gov/Documents/2024/Docs/ACTS/ACT110/ACT110%20Act%20Summary.pdf",
     "source_url": "https://legislature.vermont.gov/Documents/2024/Docs/ACTS/ACT110/ACT110%20Act%20Summary.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "licensing guide",
     "source": "https://faisalkhan.com/solutions/licensing/money-transmitter-license-mtl/vermont-money-transmitter-license/",
     "source_url": "https://legislature.vermont.gov/Documents/2024/Docs/ACTS/ACT110/ACT110%20Act%20Summary.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "regulator guidance",
     "source": "https://dfr.vermont.gov/industry/banking/financial-institutions",
     "source_url": "https://legislature.vermont.gov/Documents/2024/Docs/ACTS/ACT110/ACT110%20Act%20Summary.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Vermont safeguards customer funds via statutory trust over permissible investments (eff. July 2024), mandatory surety bond, and prudential net-worth standards, plus new 2025 kiosk fraud-refund obligations.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://legislature.vermont.gov/statutes/fullchapter/08/079",
     "source_url": "https://legislature.vermont.gov/statutes/fullchapter/08/079",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "surety bond requirement",
     "source": "https://www.bondexchange.com/vermont-money-transmitter-bond-a-comprehensive-guide/",
     "source_url": "https://www.bondexchange.com/vermont-money-transmitter-bond-a-comprehensive-guide/",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "legislation",
     "source": "https://states.aarp.org/vermont/new-guardrails-on-crypto-atm-fraud",
     "source_url": "https://www.bondexchange.com/vermont-money-transmitter-bond-a-comprehensive-guide/",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "regulator overview",
     "source": "https://moneywiki.app/regulators/department-of-financial-regulation",
     "source_url": "https://www.bondexchange.com/vermont-money-transmitter-bond-a-comprehensive-guide/",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "conduct/consumer protection regime",
     "source": "https://ago.vermont.gov/attorney-generals-office-divisions-and-unit/consumer-protection",
     "source_url": "https://www.bondexchange.com/vermont-money-transmitter-bond-a-comprehensive-guide/",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w2-stablecoins-digital-money",
   "standing_position": "Vermont regulates virtual currency as money transmission under Chapter 79 Subchapter 10, with a distinct, actively-evolving kiosk regime under §2577 including a moratorium extended to July 1, 2026.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://law.justia.com/codes/vermont/title-8/chapter-79/section-2503/",
     "source_url": "https://law.justia.com/codes/vermont/title-8/chapter-79/section-2503/",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://legislature.vermont.gov/statutes/section/08/079/02577",
     "source_url": "https://legislature.vermont.gov/statutes/section/08/079/02577",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "bill/amendment",
     "source": "https://www.billtrack50.com/billdetail/1873698",
     "source_url": "https://legislature.vermont.gov/assets/Legislative-Reports/Virtual-Currency-Kiosk-Report-Pursuant-to-8-V.S.A.-2577g.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "legislative report",
     "source": "https://legislature.vermont.gov/assets/Legislative-Reports/Virtual-Currency-Kiosk-Report-Pursuant-to-8-V.S.A.-2577g.pdf",
     "source_url": "https://legislature.vermont.gov/assets/Legislative-Reports/Virtual-Currency-Kiosk-Report-Pursuant-to-8-V.S.A.-2577g.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "legal analysis",
     "source": "https://www.fintechlawblog.com/2024/08/14/vermont-enters-a-new-age-of-virtual-currency-money-transmission/",
     "source_url": "https://legislature.vermont.gov/assets/Legislative-Reports/Virtual-Currency-Kiosk-Report-Pursuant-to-8-V.S.A.-2577g.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Vermont's operational-resilience layer is anchored in the Security Breach Notice Act (9 V.S.A. §§2430, 2435), dual-track DFR/AG notification, most recently amended by Act 89 (2020).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "statute/regulator guidance",
     "source": "https://dfr.vermont.gov/about-us/legal-general-counsel/data-breach-notifications",
     "source_url": "https://dfr.vermont.gov/about-us/legal-general-counsel/data-breach-notifications",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://legislature.vermont.gov/statutes/section/09/062/02435",
     "source_url": "https://dfr.vermont.gov/about-us/legal-general-counsel/data-breach-notifications",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "regulator bulletin",
     "source": "https://dfr.vermont.gov/doc/reg-bul-ord/security-breach-notice-act-bulletin",
     "source_url": "https://dfr.vermont.gov/about-us/legal-general-counsel/data-breach-notifications",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "legal summary",
     "source": "https://www.dwt.com/gcp/states/vermont",
     "source_url": "https://dfr.vermont.gov/about-us/legal-general-counsel/data-breach-notifications",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "regulator guidance",
     "source": "https://dfr.vermont.gov/banking",
     "source_url": "https://dfr.vermont.gov/about-us/legal-general-counsel/data-breach-notifications",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w4-scheme-network-compliance",
   "standing_position": "Vermont permits surcharging without a state cap, allows a $10 minimum-purchase disclosure rule under §2480p, and has a pending (not enacted) S.316 bill on tax/gratuity interchange.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://legislature.vermont.gov/statutes/section/09/063/02480p",
     "source_url": "https://legislature.vermont.gov/statutes/section/09/063/02480p",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "market/legal analysis",
     "source": "https://www.getflexpoint.com/credit-card-surcharging-us-states/vermont",
     "source_url": "https://www.billtrack50.com/billdetail/1950018",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "pending bill",
     "source": "https://www.billtrack50.com/billdetail/1950018",
     "source_url": "https://www.billtrack50.com/billdetail/1950018",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "market/legal analysis",
     "source": "https://merchantcostconsulting.com/lower-credit-card-processing-fees/vermont-surcharge-laws/",
     "source_url": "https://www.billtrack50.com/billdetail/1950018",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "market/legal analysis",
     "source": "https://www.nickel.com/surcharge-laws/vermont",
     "source_url": "https://www.billtrack50.com/billdetail/1950018",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w5-payment-corridor-dynamics",
   "standing_position": "No Vermont-specific cross-border payment corridor regime identified; VT MTL licensees operate under the general national money-transmission/correspondent-banking architecture.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "statute/regulator guidance",
     "source": "https://dfr.vermont.gov/industry/banking/financial-services/money-services",
     "source_url": "https://dfr.vermont.gov/industry/banking/financial-services/money-services",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "international standard-setting body position",
     "source": "https://www.fsb.org/work-of-the-fsb/financial-innovation-and-structural-change/cross-border-payments/",
     "source_url": "https://dfr.vermont.gov/industry/banking/financial-services/money-services",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w6-industry-structure-commercial-dynamics",
   "standing_position": "Vermont's payments-adjacent industry structure is dominated by community banks and a dense credit union sector (17+ CUs), with limited national fintech physical presence.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "market data",
     "source": "https://www.creditunionsonline.com/vermont-credit-unions.html",
     "source_url": "https://www.creditunionsonline.com/vermont-credit-unions.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "regulator guidance",
     "source": "https://dfr.vermont.gov/industry/banking/financial-institutions",
     "source_url": "https://www.creditunionsonline.com/vermont-credit-unions.html",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "industry event",
     "source": "https://www.ccua.org/fintechconnect",
     "source_url": "https://www.creditunionsonline.com/vermont-credit-unions.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "labor market signal",
     "source": "https://jooble.org/jobs-fintech/Vermont",
     "source_url": "https://www.creditunionsonline.com/vermont-credit-unions.html",
     "source_tier": "4",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w7-legal-litigation",
   "standing_position": "DFR resolves unlicensed money-transmission cases via stipulation-and-consent orders (Uphold HQ, CSG Forte, Internet Escrow Services); VCPA provides a treble-damages private right of action.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "enforcement order",
     "source": "https://dfr.vermont.gov/reg-bul-ord/uphold-hq-stipulation-and-consent",
     "source_url": "https://dfr.vermont.gov/reg-bul-ord/uphold-hq-stipulation-and-consent",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "enforcement order",
     "source": "https://dfr.vermont.gov/reg-bul-ord/csg-forte-payments-inc-stipulation-and-consent-order",
     "source_url": "https://www.gavelinsight.com/2025/09/victim-of-fraud-in-vermont-know-your.html",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "enforcement order",
     "source": "https://dfr.vermont.gov/reg-bul-ord/internet-escrow-services-inc",
     "source_url": "https://www.gavelinsight.com/2025/09/victim-of-fraud-in-vermont-know-your.html",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "legal analysis",
     "source": "https://www.gavelinsight.com/2025/09/victim-of-fraud-in-vermont-know-your.html",
     "source_url": "https://www.gavelinsight.com/2025/09/victim-of-fraud-in-vermont-know-your.html",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "enforcement authority",
     "source": "https://ago.vermont.gov/attorney-generals-office-divisions-and-unit/consumer-protection/business-business-fraud",
     "source_url": "https://www.gavelinsight.com/2025/09/victim-of-fraud-in-vermont-know-your.html",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w8-merchant-acquiring-risk",
   "standing_position": "Vermont has no bespoke merchant-acquiring statute; acquiring/chargeback dynamics run through national card-network rules and federal law, overlaid with VT's Chapter 63 and §2480p.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://legislature.vermont.gov/statutes/fullchapter/09/063",
     "source_url": "https://legislature.vermont.gov/statutes/fullchapter/09/063",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "https://legislature.vermont.gov/statutes/section/09/063/02480p",
     "source_url": "https://legislature.vermont.gov/statutes/fullchapter/09/063",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "consumer guidance",
     "source": "https://www.gavelinsight.com/2025/09/victim-of-fraud-in-vermont-know-your.html",
     "source_url": "https://legislature.vermont.gov/statutes/fullchapter/09/063",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "national card-network rule",
     "source": "https://terms.law/FAQ/payment-processors/chargeback-disputes-faq.html",
     "source_url": "https://legislature.vermont.gov/statutes/fullchapter/09/063",
     "source_tier": "4",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "High",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w9-product-innovation-market-development",
   "standing_position": "Vermont converted its virtual-currency-kiosk moratorium into a PERMANENT statutory ban via 2026 Act 142, effective 2026-07-01; existing kiosk registrations terminated.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "legislative history",
     "source": "https://vtdigger.org/2024/05/06/lawmakers-send-new-bitcoin-atms-regulation-to-gov-phil-scotts-desk/",
     "source_url": "https://legislature.vermont.gov/assets/Legislative-Reports/Vermont-Report-Final-Version-December-7.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "legislative report",
     "source": "https://legislature.vermont.gov/assets/Legislative-Reports/Vermont-Report-Final-Version-December-7.pdf",
     "source_url": "https://legislature.vermont.gov/assets/Legislative-Reports/Vermont-Report-Final-Version-December-7.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "pending legislation",
     "source": "https://www.billtrack50.com/billdetail/1873698",
     "source_url": "https://legislature.vermont.gov/assets/Legislative-Reports/Vermont-Report-Final-Version-December-7.pdf",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "innovation ecosystem",
     "source": "https://www.launchvt.com/",
     "source_url": "https://legislature.vermont.gov/assets/Legislative-Reports/Vermont-Report-Final-Version-December-7.pdf",
     "source_tier": "4",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w10-consumer-protection-app-fraud",
   "standing_position": "Vermont's consumer-protection layer runs through the VCPA, AG Consumer Assistance Program, and a new 2025 mandatory-refund obligation for virtual-currency kiosk fraud victims.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "consumer protection statute",
     "source": "https://www.gavelinsight.com/2025/09/victim-of-fraud-in-vermont-know-your.html",
     "source_url": "https://states.aarp.org/vermont/new-guardrails-on-crypto-atm-fraud",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "regulator/consumer redress mechanism",
     "source": "https://ago.vermont.gov/attorney-generals-office-divisions-and-unit/consumer-protection",
     "source_url": "https://states.aarp.org/vermont/new-guardrails-on-crypto-atm-fraud",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "APP-fraud reimbursement rule",
     "source": "https://states.aarp.org/vermont/new-guardrails-on-crypto-atm-fraud",
     "source_url": "https://states.aarp.org/vermont/new-guardrails-on-crypto-atm-fraud",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "consumer protection statute",
     "source": "https://legislature.vermont.gov/statutes/section/08/079/02577",
     "source_url": "https://states.aarp.org/vermont/new-guardrails-on-crypto-atm-fraud",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "enforcement action",
     "source": "https://dfr.vermont.gov/home-page",
     "source_url": "https://states.aarp.org/vermont/new-guardrails-on-crypto-atm-fraud",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w11-aml-cft-financial-crime",
   "standing_position": "SENTINEL-FED: Vermont's AML/CFT payments-context position rests on FinCEN BSA registration as an MTL precondition, §2534 ML reporting, and new 2025 kiosk EDD/blockchain-analytics obligations.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "AML precondition",
     "source": "sentinel.dfr.vermont.gov/industry/banking/financial-services/money-services",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "statute",
     "source": "sentinel.legislature.vermont.gov/statutes/chapter/08/079",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "enhanced due diligence mandate",
     "source": "sentinel.billtrack50.com/billdetail/1873698",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "national de-risking policy",
     "source": "sentinel.home.treasury.gov/system/files/136/Treasury_AMLA_23_508.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w12-correspondent-banking-settlement-access",
   "standing_position": "No VT-specific correspondent-banking rule exists; VT institutions access settlement via the standard Fed Master Account/correspondent architecture, with a Dec-2025 Payment Account prototype RFI signalling a potential new tailored route.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "settlement infrastructure rule",
     "source": "https://www.federalreserve.gov/monetarypolicy/reserve-maintenance-manual-account-structure.htm",
     "source_url": "https://www.federalreserve.gov/monetarypolicy/reserve-maintenance-manual-account-structure.htm",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "correspondent banking mechanism",
     "source": "https://www.frbservices.org/financial-services/accounting/service-setup/respondent-correspondent.html",
     "source_url": "https://www.federalregister.gov/documents/2025/12/23/2025-23712/request-for-information-and-comment-on-reserve-bank-payment-account-prototype",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "proposed access mechanism",
     "source": "https://www.federalregister.gov/documents/2025/12/23/2025-23712/request-for-information-and-comment-on-reserve-bank-payment-account-prototype",
     "source_url": "https://www.federalregister.gov/documents/2025/12/23/2025-23712/request-for-information-and-comment-on-reserve-bank-payment-account-prototype",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    },
    {
     "finding": null,
     "instrument_type": "national de-risking policy",
     "source": "https://home.treasury.gov/system/files/136/Treasury_AMLA_23_508.pdf",
     "source_url": "https://www.federalregister.gov/documents/2025/12/23/2025-23712/request-for-information-and-comment-on-reserve-bank-payment-account-prototype",
     "source_tier": "1",
     "retrieved_at": "2026-07-05"
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Possible",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/united-states-vermont/#w13-commercial-intelligence-fintech",
   "standing_position": "No Vermont-headquartered payments-sector M&A, funding round, or product launch within the trailing 12 months identified; national Capital One-Brex deal noted as context only.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "commercial_event",
     "source": "https://www.paymentsdive.com/news/capital-one-acquire-brex-5-billion-fintech/810319/",
     "source_url": "https://www.paymentsdive.com/news/capital-one-acquire-brex-5-billion-fintech/810319/",
     "source_tier": "3",
     "retrieved_at": "2026-07-05"
    }
   ]
  }
 ]
}