The Iowa Credit Union League, planning for the expected consolidation of the corporate credit union system, has applied to federal banking regulators to buy an Arizona bank that would help it expand into payment processing.

The proposed purchase of the $16 million-asset CreditCard National Bank in Tucson would aid the league's move into credit card processing and provide a broader scope of investment and lending opportunities than a corporate credit union commands, the league said in an application filed with the Federal Reserve Bank of Chicago.

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