Missouri Supreme Court To Hear Appeal In FOM Dispute

The Missouri Supreme Court last week accepted a request by the Missouri Bankers Association to transfer the TelComm CU field-of-membership (FOM) appeal to its jurisdiction. The case is expected to be heard in September, and is the result of a challenge by the bankers to approvals to expand granted the credit union by the Missouri Credit Union Commission. At issue is whether the banks have standing under state law to challenge the decision of a state credit union regulator. The Supreme Court has a number of options, including writing its own interpretation of the law, reversing an appeals court or sending it back to the appeals court for review. CUNA had filed an amicus curiae brief in the case urging the Supreme Court to deny review of the bankers' challenge.