Advocacy at Work in AZ: Act Update Bill Introduced
Posted by Austin Debey on January 25, 2024
Just one week after Arizona advocates joined us for Day at the Capitol, we are pleased to report that on Wednesday evening, Senator J.D. Mesnard (R-Chandler) introduced SB1296: Credit Unions; Formation; Loans; Membership, which will make several modernization changes to the Arizona Credit Union Act.
SB1296 is crafted to address critical needs in the Arizona Credit Union Act, including:
- Ensuring the safety of credit union employees and members.
- Reducing unnecessary red tape that incurs costs for credit unions and, ultimately, burdens your members financially.
- Freeing up capital, allowing for strategic reinvestment back into the membership.
Along with Senator Mesnard, the legislation had a bipartisan list of cosponsors that includes Representative Justin Wilmeth (R-Phoenix) and Senator Eva Burch (D-Mesa)
Importantly, beyond the bipartisan backing, both Commerce Committee chairs, Senator Mesnard and Representative Wilmeth, are cosponsors of SB1296. Additionally, Senator Burch, serving as the Senate Democratic whip, adds another layer of support, bolstering our prospects in the Senate.
The distinguished list of cosponsors is a direct result of the credit unions’ steadfast engagement over the past year. Senator Mesnard and Representative Wilmeth actively participated in discussions, joining us at Landings Credit Union during our Q4 GAC meeting in 2023. In addition, Senator Burch’s endorsement was a direct outcome of concerted efforts during our AZ Day at the Capitol event on January 16.
As we enter the next phase, our attention turns to lobbying the bill with members of the Senate Finance and Commerce Committee. While the hearing date awaits confirmation, we anticipate within the next three weeks, aligning it with the February 16 deadline for Senate committees to hear bills.
Stay tuned for updates as we collectively work towards a brighter future for Arizona credit unions