X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA -Now it’s K of C FCU’s turn. A little more than a month after the Commonwealth Court issued its decision to uphold the community charters of two state-chartered credit unions – Freedom CU and TruMark Financial CU-Pennsylvania bankers are challenging the K of C FCU field of membership application to convert from a federal to a state-charter, community FOM with the state Department of Banking. The CU’s application to convert was approved by the Department of Banking on March 13, however it’s still waiting for approval to convert from the NCUA and its membership. The $61 million FCU’s community charter would include Philadelphia, Bucks, Delaware and Montgomery counties. Mike Wishnow, senior vice president marketing and communications for the Pennsylvania Credit Union Association, said that K of C FCU’s charter is being challenged at the agency level. He explained that the bankers in their challenge “are making the same arguments they have in the past, that is the definition of a well-defined local community and raising due process concerns with the administrative procedures of the Department of Banking.” According to the PCUA, K of C FCU is in the process of hiring counsel and preparing a response. The credit union serves nearly 16,000 members. PCUA Executive Vice President/General Counsel Rick Wargo said, “The Association will be providing assistance in this matter as well.” -

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 © 2019 ALM Media Properties, LLC. All Rights Reserved.