Credit union executives said the NCUA's new proposal on fixed assets would be beneficial, or have no effect.
Nearly all FirstCorp members voted to approve the deal Aug. 17 in the Phoenix corporate’s headquarters, the organization said.
In an attempt to achieve economies of scale, the $2.2 billion Catalyst Corporate FCU and the $1.1 billion First Corporate CU announced on May 9 that the two have signed a nonbinding letter of intent to consolidate through a purchase and assumption transaction later this year.
Texas-based corporate plans to take over and consolidate Phoenix corporate on July 1.
Arizona may have a new regulatory team to deal with banks and credit unions but the state has also had to face down a daunting budget crisis, which CU executives claim is hindering the examination process.