ICBA Pushes Back on PenFed Acquisition Plans

Jan 07, 2019
ICBA’s Rebeca Romero Rainey spoke out in reaction to the announced merger between Pentagon Federal Credit Union’s planned merger with Progressive Credit Union, which would make it the largest credit union to possess an open field of membership.

“This mega credit union will now have the ability to serve anyone in the U.S. while maintaining their tax-exempt status," Romero Rainey told Politico’s Morning Money.

ICBA’s president and CEO also pushed back against the credit union merger in a separate American Banker story, noting that the deal “runs contrary to the will of Congress.”

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