The Commonwealth Court of Pennsylvania yesterday dismissed a challenge by bankers to the tax-exempt status of credit unions.
The credit unions and bankers were in process of gathering evidence about the differences between banks and credit unions when the bankers requested that the court drop the portions of the litigation pertaining to taxation. The bankers' lawsuit challenging the status of certain community charters is still going on and a hearing is scheduled on that issue on June 10.
The banks are challenging the Pennsylvania Department of Banking's administrative procedure for approving the community charters of Freedom Credit Union and TruMark Financial Credit Union, both of which are state-charted credit unions in the Philadelphia area.
