Our Mission
To safeguard the interests of credit union depositors and members through the effective administration and execution of the laws relating to credit unions.
Our Vision
To provide for a regulatory environment in which Iowa credit unions can prosper, operate in a safe & sound manner, and meet the financial service needs of their members.
History of Iowa Division of Credit Unions
In 1925, a new law created Iowa credit unions.
The Iowa Department of Credit Unions formed in 1979. The Department became a division under the Department of Commerce in 1986. In July of 2023 the Legislature reorganized the state government. The Division of Credit Unions was then moved to the Department of Insurance and Financial Services.
The Superintendent of Credit Unions overseas Iowa's credit unions. The Governor appoints a seven-member Review Board. The Senate votes on whether to approve the Superintendent and all board members.
Review Board members each serve three-year terms. Two members are from the public, and up to five can work for a credit union. Any credit union in Iowa can nominate someone for the board.
The Division protects the rights and interests of the more than 1 million credit union members. It reviews credit union operations and takes action when needed.
It also:
- Advises Iowans and the Governor on credit union affairs.
- Outlines how to create, combine, convert, and dissolve credit unions
- Works with account insurers
- Helps credit unions with their needs
- Keeps a fair fee structure to offset division spending.
Credit unions must insure all accounts through the federal government.
Katie Averill
Superintendent of Credit Unions
200 East Grand
Des Moines, IA 50309-1827
(515) 725-0505