HARRISBURG, PA — The Pennsylvania Supreme Court has upheld a lower court ruling that effectively narrowed a banker attack on two credit union conversions to community charters from 2005.
In that year the Pennsylvania Department of Banking approved community charter applications from Trumark Financial Credit Union and Freedom Credit Union, both of them in the greater Philadelphia area.
Banks and banking associations immediately challenged both decisions in Commonwealth court, the level of the Pennsylvania courts where government administrative decisions can be appealed. They did so on two broad grounds. First, a series of arguments attacking the merits of the field of membership decisions while a second series of arguments attacked the decisions on the grounds that they violated the Pennsylvania Constitution.
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The Supreme Court decision in effect leaves the Commonwealth Court to both rule on the the last of the constitutional arguments as well as to address the whole line of challenge to the Department of Banking's field of membership reasoning in the cases of the two credit unions.
The Supreme Court decision leaves the scope of the banker attacked narrowed but cannot represent a final victory, a spokesman for the PCUA pointed out.
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