HARRISBURG, Pa. — The Pennsylvania Supreme Court has agreed to hear bankers' appeal of a lower court decision permitting two state credit union community charter approvals.
Just over a year ago, the Pennsylvania Commonwealth Court unanimously ruled in favor of the Department of Banking decision to permit community charters for credit unions and dismissed the bankers' challenges to that and the credit union tax-exemption; the Pennsylvania Bankers Association and others have argued the tax-exemption as unconstitutional in the state.
No date has been set for the case involving the community charters approved for $846 million TruMark Financial and $329 million Freedom Credit Union. The state regulators approved the credit unions to serve five counties in the Philadelphia area. May 14 is the date set to hear oral arguments on the tax status issue.
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