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Pennsylvania Supreme Court to Hear Oral Arguments In FOM Litigation Nov. 28

The Pennsylvania State Supreme Court agreed to hear oral arguments Nov. 28 in the field of membership portion of a lawsuit brought by a conglomerate of banking groups against the Pennsylvania Department of Banking.

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HARRISBURG, Pa. — The Pennsylvania State Supreme Court agreed to hear oral arguments Nov. 28 in the field of membership portion of a lawsuit brought by a conglomerate of banking groups against the Pennsylvania Department of Banking.

“Mainly, it’s a review of what the state regulator did or didn’t do,” Pennsylvania Credit Union Association Executive Vice President/General Counsel Rick Wargo explained. The Pennsylvania Bankers Association has called into question whether the state regulator properly reviewed the information provided leading to its decision to approve community charters for Freedom Credit Union and TruMark Financial Credit Union.

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