In a case of first impression, the Commonwealth Court has ruled that employer-based credit unions can convert to community-based credit unions. The ruling comes after several trips through the appellate courts.
The decision is a blow to the banking industry, which argued geography-based unions as broad as the “Philadelphia region” don’t fall within a “well-defined local community” and gain an unfair advantage over banks in those communities that don’t have the tax-exempt status credit unions enjoy.
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