FRANKFORT, Ky. — A Franklin County Circuit Court judge has set July 12 for oral arguments on a year-old suit brought by the Kentucky Bankers Association challenging credit union field of membership and common bond powers for “community based” CUs.

Judge Phillip Shepherd’s order follows a flurry of petitions and motions on Monday including an amicus brief from the Kentucky Credit Union League upholding the state’s FOM authority. This action came in response to a May 2006 petition filed by an Ashland savings & loan against the state CU regulator to halt FOM expansion by a group of six Kentucky CUs.

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