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The world’s largest credit union, the $40 billion Navy Federal Credit Union, confirmed last week its interest in acquiring the ailing $634 million USA Federal Credit Union of San Diego.

The prospective merger, marked by Navy Federal’s participation at an upcoming conference slated for this week in San Diego, comes as the NCUA publicly acknowledged the serious problems at the California CU. The credit union began last spring soliciting bids from suitors, including Navy Federal.

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