The Pennsylvania Bankers Association said its Credit Union Strategies Task Force is still looking at whether to pursue an appeal to the state Supreme Court or the U.S. Supreme Court on last Monday's threshold ruling upholding community charter expansion and the "well-defined" field of membership designation of two Philadelphia CUs.
In a statement, the trade group expressed "disappointment" on the decision by the Pennsylvania Commonwealth Court supporting the Department of Banking's approval of community charter conversions by TruMark Financial CU and Freedom CU to serve five suburban counties relying on NCUA's "well-defined" nomenclature.
The court's decision contained in a 54 page order, and described as a watershed FOM ruling by CUNA and the Pennsylvania Credit Union Association, is seen by CU attorneys as affirming the right of state regulators to use NCUA "well defined" language.
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Meanwhile, the bankers group as plaintiffs in the now five-year old TruMark/Freedom case "has yet to make" a decision on any appeals, said Louise A. Rynd, general counsel who also oversees the association's CU task force.
"We found particularly troubling the Commonwealth Court's conclusion that credit unions can be granted community charters without demonstrating any plans to serve low income or distressed communities or without any evaluation of the impact of credit union expansion upon other tax-paying financial institutions," said the PBA statement.
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