Arizona Governor Katie Hobbs put pen to paper on June 19 and signed HB 2979 into law, giving the state’s credit unions a much-needed upgrade to their rulebook.
Think of it as a software update for financial institutions—except this one actually makes things better instead of just moving buttons around. The bill sailed through the legislature with unanimous support at every single vote, which in today’s political climate is about as rare as a unicorn sighting.
What This Bill Does
HB 2979 modernizes Arizona’s state credit union charter, essentially removing outdated roadblocks and giving these member-owned institutions more flexibility to serve the people who count on them. It’s the result of actual credit union leaders sitting down and figuring out what needed fixing—not some top-down mandate from people who’ve never set foot in a branch.
The Arizona State Issues Working Group and state Governmental Affairs Committee led the charge, conducting a comprehensive regulatory and policy review. Credit union advocates didn’t just phone it in either. They showed up for Arizona Credit Union Day at the Capitol and met directly with lawmakers to make their case. GoWest even partnered with the Arizona Department of Insurance and Financial Institutions before the bill was introduced to make sure everyone was on the same page.
The Changes That Matter
So what’s actually in this thing? Here are the highlights:
- No more par value requirement – This removes a bureaucratic headache that created unnecessary barriers for consumers while making credit unions jump through extra hoops for no good reason.
- Parity with out-of-state credit unions – Arizona credit unions can now exercise the same rights and powers granted to their counterparts in other states, opening the door to innovative services and more options for members.
- Faster approval processes – Need to open a new branch, update your bylaws, or change your name? There’s now a streamlined timeline that gives both credit unions and regulators some much-needed predictability.
- Technical modernization – Various statute updates to align old-school legal language with how credit unions actually operate in 2025.
Why This Matters
“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 to meet the needs of their communities.”
Adamack also gave a shout-out to Arizona State Representative Justin Wilmeth, who sponsored the bill and guided it through the legislative process. When everyone from legislators to regulators to credit unions themselves agrees something’s a good idea, you know you’re onto something.
The new law takes effect September 12, 2026, giving credit unions and regulators plenty of time to prepare for the transition. For Arizona credit union members, it means their financial institutions will have more tools in the toolbox to compete and innovate—and that’s a win worth celebrating.