Credit Unions

Credit Union

Pursuant to Arizona Administrative Code R20-4-104, the Director has the discretion to accept alternative application forms, but it does not limit the Director's power to require additional information necessary to complete an application.

For credit unions, the applicant may submit a copy of the NCUA Forms that the applicant files with the National Credit Union Administration; plus any additional information that DIFI may require under State law.

Please refer to Arizona Revised Statutes §§6-501 through 6-595 and Arizona Administrative Code R20-4-401 for Arizona Law.

DIFI is not authorized to give or offer legal advice. If you need help with a legal matter, you may want to consider contacting a private attorney. Inquiries should be directed to Financial Institutions at [email protected].

Forms & Fees

Application Fees and Forms for Credit Unions Arizona Revised Statues §6-126 et seq.

The following nonrefundable fees are payable to the department with the filing of the following applications:	Fees	Forms
To organize and establish a credit union, one hundred dollars.	$100.00	Coming Soon
To establish each credit union branch or to move a credit union office to other than an established office of a credit union, two hundred fifty dollars	$250.00	Coming Soon Coming Soon
To acquire control of a financial institution, other than a consumer lender, five thousand dollars	$5,000.00
To apply for approval to convert from a federal credit union to a state chartered credit union, five hundred dollars.	$500.00	Coming Soon
To apply for approval to merge or consolidate two or more credit unions, five hundred dollars per credit union.	$500.00	Coming Soon
To change the licensee name on a financial institution or enterprise license, two hundred fifty dollars.	$250.00	Coming Soon
On issuance of a license or permit for financial institution or enterprise, the Director shall collect the first year's annual assessment or renewal fee for the financial institution or enterprise prorated according to the number of quarters remaining until the date of the next annual assessment or renewal.	Based on assets
By-Law Amendments		Bylaw Amendment Information Proposed Bylaw Amendment form Certification form FOM/SEG Membership Policy FOM/SEG Membership form
Notice of Change in Official or Senior Executive Officer Individual Application for Approval – Biographical	$22 ------------ $0.00	NCUA 4063 NCUA 4063A
Background Check		Background Check

Laws, Rules, Substantive Policy Statement and Regulatory Alerts

Chapter 4 CREDIT UNIONS

Article 1	General Provisions
6-501	Definitions
6-502	Reports and examinations
6-503	Accounting and records
6-504	Advertising

Article 2	Formation of Credit Union
6-506	Organization procedure
6-507	Certificate of approval; filing with corporation commission; certificate of incorporation certificate of incorporation
6-508	Certificate of organization and bylaws
6-509	Exclusive use of name; exception
6-510	Principal place of business; branch office; automated teller machines
6-511	Out‑of‑state credit union
6-512	Fiscal year

Article 3	Powers of Credit Union
6-516	General powers
6-517	Federal parity

Article 4	Membership
6-521	Membership
6-522	Organization members
6-523	Membership applications
6-524	Termination of membership
6-525	Meetings of members
6-526	Calling of special meetings
6-527	Liability of members

Article 5	Direction of Affairs
6-531	Authority and responsibility of directors; voting
6-532	Election of board
6-533	Compensation of officials
6-534	Conflicts of interest
6-535	Officers
6-536	Executive committee
6-537	Certain duties of directors; insurance
6-538	Credit committee
6-539	Credit manager
6-540	Loan officers
6-541	Audits
6-542	Suspension and removal of officials
6-543	Action without meeting

Article 6	Accounts
6-551	Share accounts
6-552	Dividends
6-553	Deposit accounts
6-554	Withdrawals
6-555	Minors' accounts
6-556	Multiple party accounts
6-557	Liens
6-558	Member account insurance
6-559	Savings promotion accounts

Article 7	Loans
6-561	Purpose and conditions of loans; prepayment penalties
6-562	Interest rates and other charges
6-563	Other loan programs
6-564	Loans to officials

Article 8	Other Member Services
6-571	Insurance for members
6-572	Group purchasing
6-573	Money type instruments
6-574	Retirement accounts

Article 9	Investments
6-576	Investment authority
6-577	Authorized investments

Article 10	Reserves
6-581	Transfers to regular reserve
6-582	Use of regular reserve
6-583	Special reserves

Article 11	Dissolutions
6-584	Voluntary dissolution
6-585	Involuntary dissolution
6-586	Distribution of assets of liquidating credit union

Article 12	Change in Corporate Status
6-587	Merger or consolidation of credit unions
6-588	Conversion of credit union

Article 13	Corporate Credit Union
6-591	Organization
6-592	Purposes; membership
6-593	Powers of corporate credit union; federal parity
6-594	Participation in central system
6-595	Reserves

Arizona Administrative Code Title 20

ARTICLE 1	GENERAL
Section	Please use the following links for ALL Articles below - https://apps.azsos.gov/public_services/Title_20/20-04.pdf
R20-4-101	Scope of Article
R20-4-102	Definitions
R20-4-103	Fingerprints
R20-4-104	Acceptance of Other Forms
R20-4-105	Claims Against a Deposit in Place of Bond
R20-4-106	Bankruptcy
R20-4-107	Licensing Time-frames
Table A	Licensing Time-frames

ARTICLE 4	CREDIT UNIONS
Section	Please use the following links for ALL Articles below - https://apps.azsos.gov/public_services/Title_20/20-04.pdf
R20-4-401	Fidelity Bond Coverage
R20-4-402	Repealed

Substantive Policy Statements

ARTICLE 8.	CREDIT UNIONS
NCUA INVESTMENT REGULATION PART 703 CU-1

Regulatory Alerts - N/A

Examination

The Department utilizes the C.A.M.E.L. (Capital Adequacy, Asset Quality, Management, Earnings, and Liquidity) rating system as a primary tool in the regulation of all state-chartered credit unions. This rating system examination format is used to maintain consistency with our federal counterpart the National Credit Union Association.

Proactive supervision and examinations ensure that DIFI maintains a credible, responsive and sound regulatory environment for all credit union depositors within the State of Arizona.

Call Reporting

For instructions on filing your quarterly call report and credit union profile, follow the link:

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Encrypted Email

DIFI has adopted a new internet-based encryption e-mail system called Virtru. Virtru will keep your submissions confidential. Click HERE for more information.