A tremendous victory for MembersOwn Credit Union, and all Nebraska credit unions, is official following the passing of the deadline for the Nebraska Bankers Association and Nebraska Independent Community Bankers Association to appeal the District Court of Lancaster County’s decision to dismiss the lawsuit brought by the bankers against the credit union for expanding their field of membership into eight additional Nebraska counties. On March 11th, District Court Judge Andrew Jacobsen ruled in favor of the credit union by dismissing the frivolous law suit brought by the two banking associations.
Timetable of Events:
August 2018 – MembersOwn Credit Union (the Credit Union) Board of Directors votes to expand the credit union’s field of membership.
September 2018 – The Credit Union applies to the Nebraska Department of Banking & Finance for eleven (11) county expansion.
October 2018 – The Nebraska Bankers Association and Nebraska Independent Community Bankers Association file written letters of opposition to the Department.
January 2019 – The Department holds a nearly nine (9) hour long hearing on the field of membership expansion application. The hearing includes a hearing officer, attorneys for the Credit Union, attorneys for both banking trade associations (NBA & NICBA), Department leadership and staff, witnesses in support of the application including the Nebraska Credit Union League.
May 2019 – The Department grants eight of eleven counties to the Credit Union.
May 2019 – The NBA & NICBA file suit against the Credit Union on the field of membership expansion.
June 2019 – The NBA & NICBA file an “amended” petition in an attempt to add the Department as a party to the suit.
October 2019 – The case is heard before Judge Andrew Jacobsen in the District Court of Lancaster County. MembersOwn CU attorneys file a motion to dismiss the case.
March 2020 – District Court of Lancaster County rule in favor of MembersOwn CU by granting the motion to dismiss with prejudice.
April 2020 – Deadline for bankers to appeal the very unfavorable decision by the District Court expires.