HARRISBURG, Pa. — Any decision by the Pennsylvania Supreme Court on two community charter cases as part of a long-running series of banker challenges could be at least three months away, officials said Friday.
Oral arguments on the most current case involving Belco Community CU's conversion to a community charter were presented to the court on Wednesday. Attorneys for the Pennsylvania Credit Union Association, the Department of Banking and bank parties had in March presented arguments on two other CU cases involving Freedom CU and TruMark Financial CU.
On Bellco, the PCUA seeks to overturn a 2006 lower court ruling that the Department of Banking erred when it declined to grant bank parties a hearing regarding Belco's charter. Wednesday's arguments were the final step in the appeal process, said the PCUA.
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"We asked the court to focus on Belco's rights and privileges pursuant to the Credit Union Code," said Rick Wargo, PCUA executive vice president and general counsel. "The banks insist they have rights to comment and intervene in credit union matters. We educated the court that credit unions have express rights and that the legislature laid out specific procedures for doing business before the department.
"The court will have to examine the record before it and strike a balance between these competing interests," he added.
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