May14

Virtual Compliance Legal Update

Join us for the 2024 GoWest Compliance Legal Update Seminar, a virtual seminar designed for credit union professionals like you.
May20

Q2 CDFI Roundtable

A place to connect with other CDFIs, learn what credit unions are doing in their communities, stay current on updates and relevant changes, and discover how GoWest can support you on your CDFI journey.
May21

Collectors Council; Sess. Two

This Council provides an opportunity to share challenges and successes with collection and recovery peers, ask questions and learn from each other, and gain insights from outside legal and industry experts.
May23

Commercial Services Council; Sess. Two

This Council allows credit union professionals to discuss best practices around business deposits, loan products, business development, and much more.

Brittanie Bonanzino

AVP, Communications

Washington

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.