PHOENIX - The Arizona State Senate has voted down a bill that would have created one of the country's most liberal field-of-membership rules.
The bill, modeled after California's field-of-membership regulations, would have allowed boards at state-chartered credit unions in Arizona to determine their own fields of membership, and safety-and-soundness considerations would have been the sole criterion for state regulators' rejection of applications.
The Arizona Bankers Association avidly opposed the legislation. A similar bill is under consideration in Michigan.
