A federal judge here refused Wednesday to block a regulation that lets credit unions add new companies to their fields of membership.

The American Bankers Association had challenged the rule in January, arguing that the National Credit Union Administration violated the intent of the law by making it easier for employees at a big company to join an existing credit union rather than form a new institution. The ABA vowed to continue the fight. "Unless NCUA is reined in, we will see a migration of customers and dollars to large, tax-sheltered credit unions," said Beth L. Climo, group director of financial industry affairs at the bankers association.

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