PHOENIX, AZ (June 23, 2026) |
On June 19, Arizona Governor Katie Hobbs signed HB 2979 into law. The bill, which received unanimous approval at every step through the process in the legislature, modernizes the Arizona state credit union charter and strengthens the operating environment for state-chartered credit unions enabling them to best meet the needs of their members.
The legislation reflects priorities identified by Arizona credit union leaders through a regulatory and policy review process led by the Arizona State Issues Working Group and state Governmental Affairs Committee. Credit union advocates contributed throughout the policy development process, advocating for the bill during Arizona Credit Union Day at the Capitol and other direct engagement with lawmakers. GoWest also worked with the Arizona Department of Insurance and Financial Institutions before introducing the bill to ensure alignment around language and implementation.
HB 2979 unlocks new powers and authorities for Arizona state-chartered credit unions while improving regulatory approval processes and timelines. Key provisions include:
- Eliminating the par value requirement, which reduces unnecessary barriers for consumers and streamlines operations for the credit union.
- Allowing an Arizona state-chartered credit union to exercise the rights, privileges, and powers granted to an out-of-state credit union, unlocking innovative opportunities and providing more options for members.
- Establishing a streamlined regulatory approval process and timeline for branch openings, bylaw changes, and name changes, that provides predictability for credit unions and regulators.
- Making technical updates to align statute 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, SVP of Legislative Affairs for GoWest. “This legislation ensures credit unions have the tools necessary to navigate today’s operating realities and continue evolving meet the needs of their communities. We greatly appreciate the strong leadership of Arizona State Representative Justin Wilmeth, who sponsored and navigated this bill through the process.”
The signed measure will go into effect September 12, 2026.