Score two for bankers and one for credit unions in the latest battles over fields of membership.
The Pennsylvania Department of Banking said last week that it approved the largest community field of membership ever for a state-chartered credit union. The field will let the $745 million-asset TruMark Credit Union in Trevose serve more than 2.5 million people in Philadelphia, Bucks, Chester, Delaware, and Montgomery counties.
However, the department did not approve two other large charter requests.
The $264 million-asset Freedom Credit Union in Philadelphia sought an even broader field of membership, which would have covered more than 5 million people in the same five counties and three adjourning ones in New Jersey. However, the department directed Freedom to revise its business plan.
The $11-million Corry Jamestown Credit Union had been seeking approval to serve about 300,000 residents in Erie County, but the department asked it to rework its business plan to provide more clearly defined boundaries.
The Pennsylvania Bankers Association challenged all three proposals in an administrative court.
