ICBA called on key congressional committees to hold hearings on the National Credit Union Administration’s approval of an “emergency merger” between Pentagon Federal Credit Union and Progressive Credit Union.
The merger allows PenFed, the third-largest U.S. credit union, to benefit from Progressive’s “open charter” to serve the entire country without restriction. ICBA’s request went to the House Financial Services and Ways and Means committees and the Senate Banking and Finance committees.
In a recent blog post, ICBA President and CEO Rebeca Romero Rainey wrote that policymakers need to see this deal for what it really is—just the latest credit union industry power grab.