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News Now

CU System
PCUA to host statewide call on FOM rulings impact
HARRISBURG, Pa. (7/24/08)--The Pennsylvania Credit Union Association (PCUA) will host a statewide call-in for its member credit unions to discuss the impact of a recent court ruling related to field-of-membership (FOM) expansions. The call is scheduled for Aug. 5 at 1:30 p.m. EDT. PCUA will provide an update on the litigation and what it means to the three credit unions involved in the lawsuit, as well as its impact to other credit unions. The decision--that the National Credit Union Administration's (NCUA) record was not sufficient to sustain its decision to grant a six-county area community credit union expansion in Pennsylvania--was announced Monday by the U.S. District Court, Middle District of Pennsylvania (News Now July 22). The American Bankers Association and the Pennsylvania Bankers Association filed the suit and argued NCUA acted in an "arbitrary and capricious" manner when it approved the charter request for Members 1st FCU, based in Harrisburg, Pa. The agency decision was used later as a basis to authorize two other charter requests from New Cumberland (Pa.) FCU and from AmeriChoice FCU, Mechanicsburg, Pa. NCUA said Monday it is reviewing its options. It noted the court's decision did not challenge its community charter regulations and affects only the credit unions serving the six-county community in Pennsylvania (News Now July 22).


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