League Central Credit Union v. Mottern

OPINION

CONNER, Judge.

This dispute involves an existing “central credit union,” 1 a new “credit union” (both created pursuant to T.C.A. § 45-4-101, et seq.) and the then Tennessee Commissioner of Banking (now the Commissioner of Financial Institutions) charged with approving the charters of both “central credit unions” and “credit unions” and thereafter regulating them.

Plaintiff-appellant, League Central Credit Union, sued the defendants-appellees, American Sunbelt Credit Union, and the commissioner, 2 challenging the action of the commissioner in approving the charter and by-laws of American…