FRANKFORT, Ky. — Oral arguments on a credit union field of membership suit brought by the Kentucky Bankers Association challenging community-based expansion will begin July 12, according to an order issued by a Franklin County Circuit judge.
The test case represents another state-by-state legal foray by an American Bankers Association affiliate to thwart FOM expansion using common bond and tax-exempt language in both federal and state statues.
The Pennsylvania Supreme Court began hearing arguments earlier this month on a similar case involving FOM challenges against two Pennsylvania CUs.
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