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| Arizona Credit Union Charter Modernization Bill signed into Law |
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Arizona state-chartered credit unions will soon have new powers and authorities, as well as improved regulatory processes and timelines, thanks to a new charter modernization law that takes effect Sept. 12.
Arizona Governor Katie Hobbs signed HB 2979 into law last week. The bill incorporates priorities identified by state credit union leaders, unlocking new powers and authorities for Arizona state-chartered credit unions while improving regulatory approval processes and timelines. Key provisions:
• Eliminate the par value requirement, reducing unnecessary barriers for consumers and streamlining operations for the credit union;
• Allow an Arizona state-chartered credit union to exercise the rights, privileges, and powers granted to an out-of-state credit union;
• Establish a streamlined regulatory approval process and timeline for branch openings, bylaw changes, and name changes; and
• Make technical updates to align statute with modern credit union operations.
Before introducing the bill, GoWest Credit Union Association worked with the Arizona Department of Insurance and Financial Institutions to align on language and implementation. Advocates statewide provided feedback and interacted directly with lawmakers throughout the state legislative session to move the bill forward.
“This legislation ensures credit unions have the tools necessary to navigate today’s operating realities and continue evolving to meet the needs of their communities,” said Joe Adamack, GoWest Credit Union Association SVP of Legislative Affairs.
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