Governor Signs Arizona Credit Union Modernization Bill 

Governor Hobbs signed SB 1296, modernizing the Arizona CU Act, into law. This came after the House passed the bill by a vote of 53-1, with 5 not voting and 1 vacant.

The bill encompasses multiple updates that clarify and clean up outdated statutory language, modernize governance, update parity authority, and improve the overall operating environment for Arizona’s credit unions. More details on the updates can be found in a previous post here. 

The updates will go into effect 90 days after the legislature adjourns for the year. Passage of this bill completes the process started one year ago when the AZ State Issues Work Group met and identified legislative priorities, which were confirmed and passed by the GAC. That work, along with Arizona credit unions’ engagement in educating and advocating directly with legislators, delivered an important win.

Posted in Advocacy on the Move, Arizona Advocacy.