Credit Union

Credit Unions

 

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. 

AZDFI 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]. For more information, see the “Contact Us” tab.  

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

 
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

 
By-Law Amendments  
Notice of Change in Official or Senior Executive Officer

Individual Application for Approval – Biographical		 $22
------------
$0.00
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

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