SB 1296 Summary

• Amends Arizona credit union laws to expand the purposes of credit unions to include assisting members in managing financial resources to improve social and economic conditions.

• Modifies field of membership provisions to allow organizations located within a credit union's membership area and organizations providing services to eligible members to join.

• Changes board meeting requirements from ten meetings per calendar year to once every two months, with authority for the deputy director to require more frequent meetings.

• Reduces the minimum ownership interest retained in jointly originated loans from 10 percent to 5 percent of outstanding principal balance.

• Repeals section 6-512 and clarifies loan approval requirements for credit union officials, requiring board approval for obligations exceeding one percent of the credit union's net worth.