Credit Union Resources
The below listing provides resources for topics of concern for Iowa Credit Unions. The IDCU Staff button leads to a password protected page which can only be viewed after providing the correct password.
The following table provides all active regulatory guidance issued by the Superintendent of Credit Unions.
| TOPIC | DATE ISSUED | DATE REVISED | PDF VERSION |
|---|---|---|---|
| 2021 Approved Variance for Board of Director Elections at Virtual Annual Meetings | 12/16/2020 | Download | |
| Board of Directors Appointments | 04/29/2021 | Download | |
| Board of Directors Attendance At Board Meetings | 1/18/2013 | 10/30/2019 | Download |
| Board of Directors Required Minutes | 8/21/2020 | Download | |
| CAMELS | 12/06/2016 | Download | |
| Compliance with Iowa Code Chapter 527 | 1/20/2021 | Download | |
| Criteria for Credit Union Chartering and Expansion | 11/3/2008 | Revising | |
| Dividend Rate Setting Authority | 4/12/1994 | 11/15/2019 | Download |
| Fixed Asset Management | 8/16/1993 | 3/15/2016 | Download |
| In-house Attorney for Abstracts & Title Opinions | 3/14/2013 | 2/14/2020 | Download |
| Low-Income Designation | 11/1/2012 | 9/12/2016 | Download |
| Notification Requirements Following Data Breach | 10/19/2019 | Download | |
| Overdraft Protection Programs (FFIEC) | Feb. 2005 | Not Available | |
| Real Estate Escrow Accounts | 8/1/1995 | 10/30/2019 | Download |
| Restriction of Member Services | 12/10/2018 | 12/12/2018 | Download |
| Share & Deposit Accounts in Another Credit Union/Non-member Deposits | 12/1/1996 | 11/21/2019 | Download |
| Venture Capital Policy | 8/12/2011 | Download | |
| Virtual Annual Meetings | 4/29/2020 | Download |
The following Agency Guidance Documents have been withdrawn by the Iowa Division of Credit Unions. These withdrawn Guidance Documents will no longer be updated, referred to, or relied upon by the Iowa Division of Credit Unions. Credit unions should review applicable Iowa and Federal, rules and laws when referring to any guidance documents. Credit unions may direct questions and concerns to the Iowa Division of Credit Unions via email at idcu_support@iowa.gov or via phone at (515) 725-0505.
- Bondability of Credit Union Officials
- Independence in Auditor/Credit Union Relationship
- Corporate Bond and Commercial Paper
- Board of Director Borrowing from a Credit Union
- Charitable Donation Accounts
- Guidance on Indirect Lending Programs
- Overdraft “Bounce Protection” Programs
- Investments
Any bond sold in Iowa must be approved for sale in the State of Iowa by the Iowa Insurance Commissioner; and specify in the bond, or by endorsement or addendum page, that the company will provide written notice to the Iowa Credit Union Division of any cancellation or non-renewal, change in deductible, or change or limitation of coverage, either in it entirety or individually as to a credit union director, official or employee, whether initiated by the underwriter or the insured.
The Iowa Division of Credit Unions follows the minimum coverage and deductible limits for federal credit unions which are established in the NCUA Rules and Regulations. Iowa Code Section 533.308 provides more detailed information on the requirements of fidelity bond coverage for Iowa state-chartered credit unions. The following listing is current as of February 2014.
| CARRIER | CREDIT UNION BOND FORM NUMBER |
|---|---|
| Berkley Regional Insurance Co. (Fin Secure) | Form 70 00 0610 |
| Colonial American Casualty & Surety Co. (Zurich North America) | Form F2350 |
| Chubb Indemnity Insurance Company or Chubb National Insurance Company | Form 17-02-1834 |
| Cincinnati Insurance Company | Credit Union Blanket Bond No 103 05 06 |
| Continental Casualty Company (CNA) |
Financial Institutions Bond for Credit Unions Form GSL55979XX (0212013) |
| CUMIS Insurance Society Inc. or CUMIS Specialty Insurance Company, Inc. |
|
| Fidelity & Deposit Co. of Maryland (Zurich North America) | Form F2350 |
| Insurance Services Office, Inc. (ISO) |
Financial Institution Crime Policy for Credit Unions
|
| National Union Fire Insurance Co. of Pittsburgh, PA | AIG 23 |
| Prosight Specialty Insurance (Southwest Marine and General Insurance Company) | Fidelity Bond Form FB 00 01 0213 |
| Travelers Casualty and Surety Company (formally St. Paul Fire and Marine Insurance Co.) |
|
Credit union board members will find valuable information to be more successful in the Board of Directors video series offered by the National Credit Union Administration (NCUA). The Board of Directors video series is designed specifically for directors of small and medium-sized credit unions. However, all directors may find the series helpful.
Viewers may take an online test to assess their understanding of the material covered and earn a certificate of completion with a passing score. In order to take the online test and print a certificate, you must create a Credit Union Learning Management Service account. The NCUA Office of Credit Union Resources and Expansion manages the Credit Union Learning Management Service.
The following videos are available now:
The NCUA prohibits the following individuals from becoming an “institution affiliated party” of any federally-insured credit union. This list includes individuals within the State of Iowa and does not include all NCUA prohibition orders. The Division recommends all credit unions verify potential affiliated parties as not being prohibited by NCUA. Do not hesitate to contact IDCU with any questions.
Credit unions are required to notify the Superintendent of the intent to offer debt cancellation products at least 30 days before offering the product to the membership. The notification must contain the following information.
- Each type of GAP product that will be offered to the membership.(please include collateral types and whether or not the policies are refundable)
- A complete schedule of fees
- The name of the insurance company, contractual policy limits, deductible amounts, and limitations on coverage applicable in accordance with Iowa Administrative Code 189-5.3(3).
The rule also requires credit unions to set policies for these programs. The below listing provides aspects credit unions should include in their policies for debt cancellation products.
- Collateral Covered
- Maximum Limit of Liability
- Maximum Allowable Loan Term
- Maximum Loan to Value Ratio
- Maximum Allowable Market Value or Maximum Allowable Loan or Lease Amount
- Primary Insurance Deductible Amount covered
- Availability of Replacement Vehicle Benefits
YEAR
NUMBER OF CREDIT UNIONS
2020
82
2019
86
2018
87
2017
89
2016
93
2015
95
2014
106
2013
114
2012
120
2011
129
2010
133
2009
136
2008
139
2007
142
2006
149
2005
150
2004
163
2003
168
2002
176
2001
182
2000
190
1994 – 1999
196
