Arizona Enacts Credit Union Modernization Law
By CU Today Staff —
PHOENIX—Arizona Gov. Katie Hobbs has signed HB 2979 into law, a measure designed to modernize the state's credit union charter and expand operating flexibility for Arizona state-chartered credit unions, according to the GoWest Credit Union Association.
The legislation received unanimous approval throughout the legislative process and was developed from recommendations identified by Arizona credit union leaders through a regulatory and policy review conducted by the Arizona State Issues Working Group and Governmental Affairs Committee. GoWest said it also worked with the Arizona Department of Insurance and Financial Institutions on the measure before its introduction.
Among its key provisions, HB 2979 eliminates the par value requirement for credit union membership shares, grants Arizona state-chartered credit unions authority to exercise powers available to out-of-state credit unions, and creates streamlined regulatory approval processes for branch openings, bylaw changes and name changes. The law also includes technical updates intended to align state statutes with modern credit union operations.
"Arizona credit unions recognize the importance of providing their current and future members with modern and responsive products and services," said Joe Adamack, senior vice president of legislative affairs for GoWest. "This legislation ensures credit unions have the tools necessary to navigate today's operating realities and continue evolving to meet the needs of their communities."
GoWest credited bill sponsor Justin Wilmeth for guiding the legislation through the Arizona Legislature. The new law is scheduled to take effect Sept. 12, 2026.
Originally reported by CU Today.