Credit Union Resources
The below listing provides resources for topics of concern for Iowa Credit Unions.
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.
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|
|2022 Call Report Changes Impact on Moneys and Credits Tax||3/25/2021||Download|
|2021 Approved Variance for Board of Director Elections at Virtual Annual Meetings||12/16/2020||Download|
|Board of Directors Appointments||4/29/2021||11/22/2021||Download|
|Board of Directors Attendance At Board Meetings||1/18/2013||10/30/2019||Download|
|Board of Directors Required Minutes||8/21/2020||Download|
|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|
|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|
- 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
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.)||
No technology that’s connected to the Internet is unhackable. - Abhijit Naskar
The following resources provide guidance when addressing cybersecurity risk areas.
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:
- What Every Board Member Should Know
- Credit Union Policies and Procedures
- Succession Planning
- Understanding the NCUA Examination
- Strategic Planning
- Understanding Financial Statements
- Understanding Key Ratios
- Effective Board Meetings
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
Need a PDF version of the images below? PDF VERSION
YEAR - NUMBER OF CREDIT UNIONS
2022 - 79
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