Two bills signed by governors in Arizona and New Hampshire on June 19 will bring changes for state-chartered credit unions in both states.
Arizona Gov. Katie Hobbs signed H.B. 2979, modernizing the state's credit union charter and expanding powers for state-chartered credit unions. The same day, New Hampshire Gov. Kelly Ayotte signed S.B. 487, allowing state-chartered credit unions to compensate members of their boards of directors.
According to the GoWest Credit Union Association, H.B. 2979 eliminates the par value requirement and establishes a streamlined regulatory approval process for branch openings, bylaw changes and name changes. It also allows Arizona state-chartered credit unions to exercise powers granted to out-of-state credit unions.
"Arizona credit unions recognize the importance of providing their current and future members with modern and responsive products and services," Joe Adamack, SVP of legislative affairs for GoWest, said. "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 legislation received unanimous approval throughout the legislative process. According to GoWest, credit union leaders identified the measure as a priority through a regulatory and policy review process and advocated for the bill during Arizona Credit Union Day at the Capitol and through other engagement with lawmakers. The law will take effect Sept. 12.
In New Hampshire, S.B. 487 authorizes state-chartered credit unions to compensate members of their boards of directors. The Cooperative Credit Union Association said the measure was the result of a multi-year advocacy effort involving the association and New Hampshire credit unions.
"Gov. Ayotte's signing of S.B. 487 marks a significant milestone for New Hampshire's credit unions and the members they serve," Ron McLean, president/CEO of the Cooperative Credit Union Association, said. "Credit union board members dedicate countless hours providing strategic leadership, oversight and guidance to ensure their institutions remain strong and responsive to community needs. We are grateful to Gov. Ayotte, Sen. Dan Innis, Rep. John Hunt and the many lawmakers and advocates whose support made this achievement possible."
CCUA said it helped draft and file the bill during the 2025 legislative session, secured sponsorship from Senate Commerce Committee Chair Dan Innis, provided testimony before legislative committees and organized advocacy efforts involving credit union leaders and lawmakers. The association continued advocating for the measure during the 2026 session and worked to keep the proposal independent of other legislation before it was signed into law. The legislation will take effect Aug. 18.
"This legislation reflects a forward-looking approach to credit union governance," Ken Senus, president/CEO of the $1.7 billion, Manchester, N.H.-based St. Mary's Bank, said. "By modernizing state law, New Hampshire has provided credit unions with an additional tool to build diverse, experienced and sustainable boards that can continue advancing the credit union mission for generations to come. We are proud of the collaborative effort that made this achievement possible."
Joyce Moed can be reached at joyce.moed@arc-network.com.
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