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Credit Unions

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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 NCUA has modernized the examination platform and systems utilized by the Iowa Division of Credit Unions (IDCU).  NCUA has spent the last several years developing the Modern Examination and Risk Identification Tool (MERIT) which will replace ARIES, the former platform. As part of this overarching project, NCUA developed a new secure entry point called NCUA Connect which credit unions may use to facilitate their examination and exchange information with both state and federal regulators.  

The IDCU has contracted to utilize MERIT to conduct examinations of Iowa credit unions and will fully complete the exam transition from ARIES to MERIT within the next quarter; however, full functionality may require additional transitions by the IDCU. Credit unions will be able to access final examination reports through the MERIT system, but IDCU will continue to send reports directly to the credit union.

As the IDCU transitions to and adopts the interactive functionality of MERIT, we will communicate our expectations to credit unions.  In time, we plan to use  additional functionality allowing credit unions the ability to respond to scoping requests and upload documents directly through MERIT. The IDCU is not requiring credit union enrollment in NCUA Connect and MERIT at this time, but will continue to communicate expectations for credit union engagement.

How to Request Access

If you would like to request access to NCUA Connect, the first step is to identify two individuals to become administrators for your credit union.   Administrators must request access by sending an email to the NCUA’s OneStop Help Desk at OneStop@NCUA.gov.   The request should include your name, email address, credit union name or insurance number, and list any NCUA applications you may need access to. The NCUA will verify all requests before approval.  Once authenticated, users can securely interact and share information with the NCUA and IDCU.

 

Additional Information

The following table provides IDCU implementation guidance and additional NCUA resources.

TOPIC DATE ISSUED DATE REVISED PDF/Link
2021 Implementation of the Modern Examination and Risk Identification Tool (MERIT) 9/15/2021   Download
NCUA Letter to Credit Unions 21-CU-08 - Implementation of Modern Systems 08/2021   Link
NCUA Connect and Admin Portal Information     Link
NCUA MERIT Information     Link

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.
  • Form 500
  • Form 500 001 
  • Form 500 02 
  • Form 500 03
  • Form 500 05
  • Form 500 05 13
  • Form 577
  • Form 578
  • Form 602
  • Form 603
  • Form 605 
Fidelity & Deposit Co. of Maryland (Zurich North America) Form F2350
Insurance Services Office, Inc. (ISO)

Financial Institution Crime Policy for Credit Unions

  • FI 00 17 (Non-aggregate Form) 
  • FI 00 18 (Aggregate Form)
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.)
  • Form CUB-3001 (0112012)
  • Form 40325 (11/1996)

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

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YEAR - NUMBER OF CREDIT UNIONS

2021 - 81

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 to 1999 - 196

Iowa Division of Credit Unions Staff

IDCU Staff 

Educational Videos

 

 

 

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