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News Now

CU System
Pa. court to hear community charter case June 10
HARRISBURG, Pa. (5/12/09)--The Pennsylvania Commonwealth Court will hear arguments about community charters for Freedom CU and TruMark Financial CU on June 10, says the Pennsylvania Credit Union Association (PCUA). The argument was remanded back to the court by the Pennsylvania Supreme Court, the state's highest court. It told the lower court to take a closer look at procedures used by the Pennsylvania Department of Banking when it adjudicated challenges from certain banks and bank trade groups in 2004 (Life is a Highway May 11). According to Rick Wargo, PCUA executive vice president/general counsel, the issues in before the court are largely procedural. "To some extent, the hearings concerning Freedom and TruMark Financial raised novel issues of Pennsylvania administrative law. We are prepared to support the Department of Banking with regard to the way it conducted its proceedings in 2004." The court will hear arguments from bank trade groups; the state banking department, which oversees state-chartered credit unions; the credit unions and PCUA. Freedom CU is a $360.4 million asset credit union in Warminster. TruMark Financial is a $1.080 billion asset credit union in Trevose. They each were granted a community charter for five counties from the state banking department. In 2004, bankers challenged the decision (News Now Sept. 29, 2008).


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