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A PenFed Credit Union branch.

The American Bankers Association threw shade on the NCUA’s decision to approve an emergency merger that allowed Pentagon Federal Credit Union on Tuesday to acquire Progressive Credit Union, which had heavy losses from taxi medallion loans.

In a statement released Wednesday, the ABA portrayed the merger as an attempt by a large credit union to trample on smaller ones by expanding beyond its original field of membership.

Jim DuPlessis

A journalist for decades.

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