HARRISBURG, Pa — The Pennsylvania Supreme Court is delaying until next March hearing oral arguments in the three-year-old community chartering suit against Freedom Credit Union and TruMark Financial CU brought by the Pennsylvania Bankers Association.
"We are disappointed that we cannot wrap up this aspect of the Freedom/TruMark Financial case by year end," explained Rick Wargo, general counsel for the Pennsylvania Credit Union Association. "We were moving at a good pace throughout this year. We will regroup and address whatever questions the court may have in the spring of 2008."
No reason was given for the court's delay in its order issued on Monday, but speculation centers on a tight fall schedule regarding the case brought by bankers challenging the tax-exemption status of the two CUs. The court originally scheduled argument for Nov. 28.
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The court re-listed the case for its spring session to be held in Pittsburgh March 3-7. A defendant and party to the case is the state's Department of Banking, which a lower court ruled had acted properly in granting FOM expansion to the two CUs. That 2006 7-1 Commonwealth Court ruling was subsequently appealed by the PBA and several banks to the state's high court.
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