X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EAST BOSTON, Mass – A superior court judge has ruled in favor of a Massachusetts chartered credit union that has sought to shift to a mutual bank charter and which had been blocked by the state’s regulator. The $135 million Postal Community Credit Union, formerly known as Boston Post Office Employees Credit Union, had sought to make the charter shift and been told to cease its efforts by the regulator. The commissioner of banks in the instance before the court does not have the authority to prohibit the credit union from exercising its rights under state law, the court ruled. The “Orders and Directions” of the Commissioner of Banks issued to PCCU are legally erroneous and therefore, beyond the authority of the Commissioner in the circumstances before him. As such, the Orders and Directions are declared null, void and no effect, the court added.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.