turned down the chief executive's suggestion to earmark cash in the 1996 budget to rejoin the industry's largest trade group. The board of the $8 billion-asset credit union on Oct. 26 decided against setting aside $75,000 in the 1996 budget that could be used as dues money for the Credit Union National Association. "They said that we'll address the money issue when you can tell us what the hell the deal is," said Tom Hughes, president and chief executive of the country's largest credit union. Navy Federal pulled out of CUNA earlier this year after the association sued the federal government for passing a rule that would sever shared management between corporate credit unions and trade groups. In September, a federal court ruled against the trade group, which chose not to appeal. But just because the lawsuit is history doesn't mean that Navy Federal is ready to rejoin the fold. Mr. Hughes and his board objected to what they consider the undue influence of trade association insiders, rather than member credit unions, in setting policy. Mr. Hughes said Navy Federal will stay away until it sees some change in the status quo. "That would preclude them doing what they did in the court case, acting without hearing out the credit unions themselves," he said.
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