Even though oral arguments have now been aired, it could takesix to nine months before the Kentucky Supreme Court issues aruling on a long-standing banker-backed court challenge to field ofmembership rules impacting Kentucky credit unions, attorneysreported this week.
The case, Home Federal Savings & Loan vs. KentuckyDepartment of Financial Institutions, with six CUs as defendants,is being watched closely by legal teams representing CUNA and theKentucky Credit Union League for signs how the court might decidethe 2006 suit dealing with geographic definitions.
The Kentucky case, involves a lower court ruling supportingbanker claims that the DFI lacks authority under Kentucky law toapprove geographic FOM bylaws for Kentucky CUs.
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