Credit Union
Credit Unions
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Pursuant to Arizona Administrative Code R20-4-104, the Superintendent has the discretion to accept alternative application forms, but it does not limit the Superintendent'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 DFI 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. You can contact Marie Corral at 602-771-2826 for specific questions to Arizona statutes and rules. |
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 | |
| 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 | |
| To acquire control of a financial institution, other than a consumer lender, five thousand dollars | $5,000.00 |
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| To apply for approval to convert from a federal credit union to a state chartered credit union, five hundred dollars. | $500.00 | |
| To apply for approval to merge or consolidate two or more credit unions, five hundred dollars per credit union. | $500.00 | |
| To change the licensee name on a financial institution or enterprise license, two hundred fifty dollars. | $250.00 | |
| On issuance of a license or permit for financial institution or enterprise, the superintendent 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 |
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| By-Law Amendments | ||
| Notice of Change in Official or Senior Executive Officer Individual Application for Approval – Biographical |
$22 ------------ $0.00 |
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| AZDFI Fingerprint Cards 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
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
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
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 AZDFI 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 below:
https://www.ncua.gov/regulation-supervision/Pages/regulatory-reporting/cu-online.aspx
ENCRYPTED EMAIL
AZDFI launched a new internet based encryption e-mail system called Zix to keep your submissions confidential.
Your use of AzDFI’s encrypted message service is governed entirely by the attached Agreement. You acknowledge and understand that this Agreement addresses all matters related to your use of AzDFI’s encrypted message service.
Because the system is internet based, all you need is an email address and a password created by you to get started.
Use the following hyperlink for directions on how to create a new secured email account using Zix.
Use the following hyperlink for directions on how to send encrypted email using Zix.
Use the following hyperlink for directions on how to receive encrypted email using Zix.
Please make sure when you are creating your e-mail for application submission that you choose from the “To:” drop-down list “Licensing” as the recipient. You do have the option to communicate with other areas of AZDFI for other matters if you so choose.)
You can contact [email protected] with any questions on how to use the Zix e-mail system.
Thank you!
