Pentagon FCU, the nation's fourth-largest credit union, said it is withdrawing from CUNA, for the second time in the past eight years. Rocky Mitchell, senior vice president for external affairs, said the move has nothing to do with dissatisfaction with CUNA leadership, the cause of the credit union's 1995 pull-out from CUNA, or savings of an estimated $170,000 a year in CUNA dues. "Pentagon feels that NAFCU and the DCUC (Defense CU Council) fill our needs at this point in time," said Mitchell.
In a major embarrassment for the largest credit union trade association, both Pentagon FCU and Navy FCU disaffiliated with CUNA in 1995 after CUNA filed suit against NCUA challenging the federal regulator's new rules prohibiting management and board interlocks between leagues and corporate credit unions. After taking over CUNA in 1996, Dan Mica lobbied hard to bring both credit union giants back into the CUNA fold.
Pentagon FCU will retain its membership in the Virginia CU League, Mitchell said.