CUNA Steps Into Ky. FOM Case

Published April 04, 2008, 4:41 p.m. EDT

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Updated August 27, 2020, 1:19 a.m. EDT

1 Min Read

FRANKFORT, Ky. - CUNA has filed a friend of the court brief in the Kentucky Court of Appeals saying a lower court ruled incorrectly in applying federal administrative law precedents to a credit union field of membership lawsuit. At issue is a May 2006 suit originally filed with the aid of the Kentucky Bankers Association. Home Fed alleges that the Kentucky Office of Financial Institutions (OFI) has no authority to approve geographic FOMs for state CUs, and in October 2007 the state circuit court agreed. CUNA argues the lower court incorrectly applied federal administrative law precedent, instead of Kentucky administrative law, to deny the OFI judicial deference. The six CUs named in the suit are C&O United CU; Service One CU; Beacon Community CU; GTKY CU, and Kentucky Employees. (c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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