Credit Union Modernization Bill Passed in Arizona

Posted by Joe Adamack on June 9, 2026

On Tuesday, the Arizona State Senate officially passed HB 2979, modernizing the state credit union charter, on a unanimous vote, which means the bill has officially cleared its final legislative hurdle and is now heading to the governor’s desk.

This legislation was a direct result of Arizona Credit Union leaders engaged in last year’s State Issues Working Group and through the Arizona Governmental Affairs Committee. Thank you to everyone that directly engaged in securing its passage including in the policy development process, Arizona Day at the Capitol, and otherwise.

The legislation unlocks new powers and authorities while also improving certain regulatory approval processes and timelines. The bill:

• Eliminates the par value requirement.
• Allows an Arizona state-chartered credit union to exercise the rights, privileges, and powers granted to any out-of-state credit union – broadening from existing parity with the federal charter to charters from other states – upon application and approval by DIFI.
• Creates a new regulatory approval process and timeline for branch openings, bylaw changes, and name changes, providing predictability and timely decisions, including acknowledgement of a request by DIFI within 10 business days and a decision within 30 business days.
• Makes a series of other technical updates to align statute with modern operations.

Posted in Advocacy on the Move, Arizona Advocacy.