HARRISBURG, Pa. – In an expected move, the Pennsylvania Bankers Association and other banks on April 28 filed their appeal of the field of membership decision made by the Commonwealth Court on March 1 that upheld the community charters granted Freedom CU and TruMark Financial CU.
In that decision that was handed down March 1, the court ruled 7-0 in favor of the CUs, upholding a five-county FOM for each credit union including Bucks, Chester, Delaware, Philadelphia and Montgomery counties.
The response to the bankers' petition for appeal is due May 17.
Pennsylvania Credit Union Association Executive Vice President/General Counsel Rick Wargo said the bankers' appeal “was not unexpected. We support the ruling of both the Department of Banking and the Commonwealth Court regarding the credit unions' fields of membership.”
Last month, the bankers filed a separate appeal on a second part of the litigation that challenged CUs' tax-exempt status. In its ruling in March, the court upheld many of the objections to the bankers' challenges that were raised by the Pennsylvania Department of Banking, PCUA, Freedom CU and TruMark Financial CU. However, the court asked for additional information about the distinction between banks and credit unions.
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