About IDCU & the IDCU Board
To safeguard the interests of credit union depositors and
shareholders through the effective administration and execution of the laws
relating to credit unions.
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 the Iowa Division of Credit Unions
The Iowa Credit Union Act was passed by the Iowa Legislature
in 1925. The Act provided that state credit unions were to be regulated by the
Iowa Superintendent of Banking and that a "credit union shall be deemed an
institution for savings and shall be subject to taxation only as to its real
estate, moneys and credits. The shares shall not be taxed." The supervision and
regulation of credit unions remained under the Superintendent of Banking until
January 1, 1979.
The Department of Credit Unions was established January 1, 1979, by the 67th
General Assembly, and was reorganized as the Division of Credit Unions within
the Department of Commerce by the 71st General Assembly, July 1, 1986. It was
during this time that the responsibility for the supervision and regulation of
credit unions was transferred to the Superintendent of Credit Unions.
The Superintendent of Credit Unions is appointed by and serves at the pleasure
of the Governor subject to confirmation by the Iowa Senate. The Governor
appoints a seven-member Review Board for staggered three-year terms, also
subject to confirmation of the Senate. Two of the Board members may be public
members; however, at no time shall more than five of the members be directors
or employees of a credit union. A list of nominees may be submitted to the
Governor by any credit union located in the state. The Board may adopt, amend
and repeal rules pursuant to Chapter 17A or take such action as it deems
necessary or suitable to affect the provisions of Chapter 533, Code of Iowa.
The Superintendent of Credit Unions is charged with the supervision, control
and enforcement of the laws, bylaws, rules and regulations pertaining to the
organization and operation of credit unions operating under a state charter. It
is the intent and responsibility of the Superintendent and Credit Union
Division staff to protect the interests and corporate rights of the more than
785,000 members of Iowa credit unions. This is done through regular examination
and analysis of the operation of each credit union, with such remedial action
taken as deemed necessary.
In addition, the Division provides an orderly process for the chartering,
merger, conversion, and liquidation of state credit unions. It advises
governmental bodies and agencies and individuals in the matters of credit union
affairs; provides fundamental and technical assistance to credit unions;
provides state liaison with authorized member account insurers; and maintains
an equitable fee structure and offset of division expenditures.
By law, credit unions operating in Iowa must acquire and maintain account
insurance to protect each shareholder and depositor against loss of funds held
on account by the credit union. The insurance must be obtained from the
National Credit Union Administration, an agency of the Federal government.
Superintendent of Credit Unions
200 East Grand
Des Moines, IA 50309-1827