Jan8

CEO Co-Lab

GoWest's CEO Co-Lab is quickly becoming a "can't-miss" event among the region's most forward-thinking and innovative CEOs – you won't want to miss it.
Jan16

Wyoming CU Day at the Capitol

Our collective advocacy priority will be to showcase the impact Wyoming credit unions are making across the state, while increasing our connection and relationship with our elected leaders at the Wyoming Capitol.
Jan22

Idaho CU Day at the Capitol

Our collective advocacy priority will be to showcase the impact Idaho credit unions are making across the state, while increasing our connection and relationship with our elected leaders at the Idaho Capitol.
Jan28

Arizona CU Day at the Capitol

Our collective advocacy priority will be to showcase the impact Arizona credit unions are making across the state, while increasing our connection and relationship with our elected leaders at the Arizona Capitol.

Brittanie Bonanzino

AVP, Communications

Washington

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Alyse Knudsen

Manager, Communications

Oregon

Home » Advocacy On The Move »

Credit Union Act Modernization Bill Unanimously Passes Arizona Senate

Posted by on February 20, 2024

Exciting news from Arizona: SB1296, the Credit Union Act Modernization bill, unanimously passed the Senate Monday, by a vote of 28 ayes,  0 nays, and and two not voting. This is a great win for credit unions, both due to the unanimous support of lawmakers, and to the fact it moved through the Senate well ahead of the legislative deadline. This sets the bill up for success as it moves to the House.

Thank you for your engagement in advocacy.

Background on SB 1296:

S.B. 1296 is a result of large stakeholder process in 2023, that included the Arizona State Issues Work Group, Arizona Governmental Affairs Committee, and the Arizona Department of Insurance and Financial Institutions.

The legislation makes the following changes:

Changes to better align state statute with existing federal law or regulations.

This includes provisions to:

  • Allow credit unions flexibility to determine their fiscal year.
  • Reduce the participation loan limit requirements.
  • Better align statutes that govern credit union field of membership and their ability to purchase assets allow loan and deposit accounts policies to be set by the board.

Changes to modernize credit union governance.

This includes provisions to:

  • Update procedure and processes for the removal of officials or a dangerous/abusive member.
  • Provide flexibility in the number of board meetings, without compromising oversight.
  • Update the threshold and process that trigger how loans made to officials must be reported to regulator.

Changes to address technological advancements.

This includes provisions to:

  • Ensure that the statutes around how boards conduct telephonic conferencing also includes other forms of electronic meetings, like zoom/or teams.
  • Remove requirement to report ATMs to DIFI

Other technical changes

  • Updates definitions & language that references outdated duties, organizations, regulations & statutes.

Posted in Advocacy on the Move, Arizona Advocacy.