Bankers Appeal Pa. FOM Decision Favoring CUs
HARRISBURG, Pa.-The Pennsylvania Bankers Association and other banks have filed an appeal on a decision by the Commonwealth Court to uphold the community charters of two state-chartered credit unions. The bankers filed a notice of appeal in the state Supreme Court on March 28 concerning the March 1 decision upholding a five county field of membership, including Bucks, Chester, Delaware, Philadelphia and Montgomery counties, approved for Freedom Credit Union and TruMark Financial Credit Union. However, the substance of the appeal has more to do with a particular tax argument brought under the suit rather than the field of membership portion of the case, according to Pennsylvania Credit Union Association Senior Vice President of Communications and Marketing Mike Wishnow explained. PCUA is a party to the case for the defense. Wishnow said that the bankers are now challenging with the appeal the idea that credit unions and community banks are different enough to warrant credit unions' tax-exemption. He said the credit union group is happy to provide information on the many reasons credit unions and community banks differ and is confident the credit unions will prevail. The defendants have until April 14 to respond to the appeal.