REGULATING AGENCY: Arizona Department of Insurance and Financial Institutions, Financial Institutions Division
- Evan G. Daniels, Superintendent
- Shane Foster, Deputy Director
- Marie Corral, Credit Union Division Manager
- Website: dfi.az.gov/industry/financial-institutions/credit-union
- Press Releases
LEAGUE: Mountain West Credit Union Association
PRIVATE SHARE INSURANCE: No
STATS: (As of Q4 2021)
Total Number of Credit Unions: 38
- TOTAL # SCUs: 17
- TOTAL # FCUs: 21
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 45%
Total Assets: $27,815,725,309
- TOTAL $ SCU ASSETS: $19,388,994,550
- TOTAL $ FCU ASSETS: $8,426,730,759
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 70%
Total Members: 2,418,192
- TOTAL Members SCUs: 1,115,300
- TOTAL Members FCUs: 642,295
- SCU % OF TOTAL (SCUS/STATE TOAL): 63%
FUN FACT: The state that produces enough cotton each year to make two t-shirts for every American.
Mountain West Credit Union Association Issues Statement on SAFE Banking Act’s Removal from NDAA
December 14, 2021 — On Tuesday, December 7, 2021, the House Rules Committee amended the FY22 National Defense Authorization Act (NDAA) excluding the Secure and Fair Enforcement (SAFE) Banking Act. The SAFE Banking Act would allow the financial services industry to do business with licensed marijuana retailers and require those financial institutions to subject any funds to anti-money laundering requirements.
“The Mountain West Credit Association is disappointed that yet again, this legislation, which provides important protections for our credit unions that wish to provide financial services to legal entities in their states, has failed to make it past the Committee,” said Scott Earl, President & CEO. “As financial services providers serving nearly 4 million members in Arizona, Colorado and Wyoming, credit unions play a central role in our communities by fulfilling banking needs that may not be otherwise available.”
Currently, however, we cannot serve an industry that generates several billion dollars in sales and tax revenues—the recreational cannabis industry— without substantial risk due to ongoing uncertainty over federal enforcement of the Controlled Substances Act. This has become not only a states’ rights issue, but an important public safety issue. Without access to standard banking services, some of these companies have had to come up with alternative solutions. Many are unable to undertake the most basic functions of successful businesses, such as paying vendors, employees, and taxes, but instead have large amounts of money unsecured, unaccountable and at risk for abuse.
Click here to take a look at the stories that have been collected over the years in Arizona.
What’s new in your state?
Click here to submit your state-chartered credit union news stories to NASCUS today!