Pennsylvania credit unions along with CUNA have won a key legal victory from a state court in the five-year legal battle with the banking lobby over "well-defined" field of membership rules.
"We're simply ecstatic," confided one credit union CEO after the Commonwealth Court of Pennsylvania in a 54-page opinion ruled in favor of the Department of Banking's approval of community FOM expansion for two Philadelphia credit unions.
For years. banking groups led by the American Bankers Association had opposed the FOM approvals as illegal under the NCUA's community charter definitions.
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