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A sign at the entrance to a House Financial Services Committee room in Washington, DC.

Accusing the NCUA of “flouting” its emergency merger authority, community bankers are asking for a congressional investigation into the agency’s approval of the merger between PenFed and Progressive Credit Union.

“If you ask me, the only thing ‘emergency’ about this acquisition is the giant alarm it should set off about the latest credit union power grab,” Rebeca Romero Rainey CEO/president of the Independent Community Bankers of America said in a blog post explaining the trade group’s opposition to the merger.

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David Baumann


Credit Union Times

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