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