The Maine Bankers Assoation is suing the state regulator over his decision to let a credit union expand its membership base. The trade association charges that the Maine Bureau of Banking committed an "error of law" when it permitted Saco alley Federal Credit Union to absorb 10 communities into its membership base when it converted' to a state charter. The credit union hasn't yet converted.

"This order creates dangerous recedent for further credit union membership expansion throughat the state and thereby further aggrieving the membership of Maine Bankers Association," said the three-page petition for review, led Sept. 26 in the Superior Court for Kennebec County.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.