HARRISBURG, Pa. — Though no bill has been introduced yet, the Pennsylvania Credit Union Association has put its members on alert that State Representative Doug Reichley (R-Lehigh) is trolling for co-sponsors to an anti-credit union measure.
Reichley introduced the same legislation last year, then called HR 2240, under pressure from bankers in his district. The bill would eliminate the community charter as an option for Pennsylvania's state chartered credit unions.
The league put out this notice just after presenting oral arguments before the state Supreme Court on a tax issue that grew out of field of membership legislation and more field of membership and tax litigation is pending.
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The target of one of these legal challenges, TruMark Financial Credit Union CEO Rick Stipa has already sent 71 letters to the representatives for the areas of his community charter, according to the league. "The removal of a community charter option would do significant damage to state-chartered credit unions and severely limit consumer choice in your district. Ultimately, this measure would undermine credit unions' survival and jeopardize the financial wellness of millions of consumers who proudly call themselves credit union members/owners," the letters state.
The league is asking federal charters to stand up with their state chartered brethren to fight this threat. "Although there is no bill as of yet, the Association would like to kill this idea before it gains any traction," a legislative alert read. PCUA is asking its members to contact their representatives to discourage them from supporting Reichley's effort. Credit unions should explain unique help and offerings they provide to their members.
"Banks earn record profits year after year," PCUA's talking points stated. "Credit unions, regardless of their membership qualifications pose no threat to banks."
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