Credit Unions

The following table provides all active regulatory guidance issued by the Superintendent of Credit Unions.

The following Agency Guidance Documents have been withdrawn by the Iowa Division of Credit Unions. These withdrawn Guidance Documents will no longer be updated, referred to, or relied upon by the Iowa Division of Credit Unions.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.

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:

• What Every Board Member Should Know
• Credit Union Policies and Procedures
• Mergers
• 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.  

• Lorie Kristine Bentler​
• Linda Lee Clark
• Taylor Lynnae Cole
• Henry Hill
• John Richards
• Alisa Marie Ryan
• Elizabeth S. Smith

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

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