Pennsylvania Regulator Approves State'sLargest FOM
HARRISBURG, Pa. - (12/23/04) -- Score two for the bankers and onefor credit unions in the Keystone State's latest field ofmembership battles. The state Department of Banking said Wednesdayit approved the largest community FOM ever for a state charteredcredit union, allowing TruMark CU, in Trevose, to serve more than2.5 million people in Philadelphia, Bucks, Chester, Delaware andMontgomery counties, but balked at approving two other largecommunity charter requests. Philadelphia-based Freedom CU, whichsought an even broader FOM, covering more than five million peoplein the same five Pennsylvania counties, and three adjourning NewJersey counties, was directed to revise its business plan to proveinteraction in its proposed community. Corry Jamestown was alsoasked by the Department to rework its business plan to serve about300,000 residents in Erie County to provide more clearly definedboundaries for its proposed local community. The three communitycharters were challenged in an administrative court by thePennsylvania Bankers Association.