DALLAS - The chief executive of a heavily scrutinized corporate credit union will step down on April 1.

John H. Arnold has resigned as president and chief executive officer of Southwest Corporate Federal Credit Union, a position he has held since 1989. He had managed the $5.3 billion-asset institution since it was chartered in 1975.

The National Credit Union Administration has been investigating the corporate since last year because of its purchase of a check-processing facility from the Texas Credit Union League.

The corporate and the league share directors, and the agency is trying to determine whether the deal was an arm's-length transaction.

Industry sources said Mr. Arnold left under pressure from the NCUA, but agency officials deny that they forced him out.

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