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Pennsylvania CUs Win Confidentiality Ruling in Community Charter Conversion Cases

HARRISBURG, Pa. - The Pennsylvania Department of Banking ruled that three credit unions whose community charter conversions are being contested by the Pennsylvania Bankers Association and several banks, do not have to disclose their business and marketing plans. On May 25 the Department of Banking held its first but what...

By Staff Writer | Updated on June 08, 2004

HARRISBURG, Pa. – The Pennsylvania Department of Banking ruled that three credit unions whose community charter conversions are being contested by the Pennsylvania Bankers Association and several banks, do not have to disclose their business and marketing plans. On May 25 the Department of Banking held its first but what was described as a mostly procedural hearing on the challenges brought by the bankers against Freedom CU and TruMark Financial CU, both of Philadelphia, and Corry Jamestown CU in Corry. During the preliminary hearing, the most critical issue debated concerned the confidentiality of information contained in the CUs’ conversion packages including their business and marketing plans, as well as demographic information. While the Department’s decision protects the confidentiality of their business and marketing plans, demographic information from the CUs’ applications will be provided to the bankers so they can make their arguments about whether or not there’s a well-defined community and whether or not the CU will be able to serve that community. Pennsylvania Credit Union Association SVP/General Counsel Rick Wargo said PCUA was “pleased with the hearing officer’s ruling on confidentiality. We have worked very diligently to protect the privacy of the credit unions’ business plans and marketing plans.” July 8-9 and July 12-13 have been blocked for a hearing on the case.

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