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MEMBERS CHOICE v. HOME FEDERAL SAVINGS

No. 2008-SC-000877-DG.

323 S.W.3d 658 (2010)

MEMBERS CHOICE CREDIT UNION; Beacon Community Credit Union; Service One Credit Union; C & O Credit Union; Greater Kentucky Credit Union Inc.; Kentucky Employees Credit Union, Appellants, v. HOME FEDERAL SAVINGS AND LOAN ASSOCIATION, Appellee.

Supreme Court of Kentucky.

Rehearing Denied November 18, 2010.

Attorney(s) appearing for the Case

David Thomas Wilson, II , Skeeters, Bennett, Wilson & Pike, Radcliff, KY, Counsel for Appellants.

Jill F. Endicott , Dinsmore & Shohl, LLP, Louisville, KY, Counsel for Appellee.

Opinion of the Court by Justice NOBLE.

The sole question presented in this appeal is whether the statutory limitation on credit union membership in KRS 286.6-107, as amended in 1984, precludes membership based on a geographic connection. The Court of Appeals held that it does. This Court disagrees and therefore reverses.

I. Background

The Department of Financial Institutions ("DFI") charters, regulates, and supervises financial institutions in Kentucky...

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