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Proposed Rule Changes

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Iowa Division of Credit Unions
Proposed Rule Changes

The Iowa Division of Credit Unions is proposing rule changes for the following rules in Chapter 189 of the Iowa Administrative Code.

These rules have been approved by the Credit Union Review Board. The public comment period does not open until the rules are published by the Administrative Rules Committee. The link below can be used to view and provide feedback on any rule changes open for comments.

Comment on any State of Iowa Rules (rules.iowa.gov)

2021 Proposed Board of Director Education Changes

Proposed Changes
Chapter 2, Organization, Chartering and Field of Membership of a Credit Union

Amend rule 189—2.9(533) as follows:

189—2.9(533) Board of directors requirements.

2.9(3) A director or committee member must be able to read and understand the credit union’s balance sheet and income statement, have a working knowledge of basic finance and generally accepted accounting principles (GAAP) utilized in the credit union, be able to understand the risk found in depository institutions and credit union board governance, and understand the internal control structures of the credit union. If a director or committee member does not have the requisite skills when elected or appointed, the director or committee member must obtain these skills in a timely manner, not to exceed 12 months.

Background and Reasoning

The proposed amendment codifies the Division’s expectations regarding state credit union boards of directors’ education requirements and is comparable to requirements for federally chartered credit unions’ boards of directors.

Authority

533.104 and 533.107.

Fiscal Impact

None

2021 Proposed Organizational Changes

Proposed Changes to Low-Income Credit Union Designation Requirements
Chapter 7, Low-Income Credit Union Designation

Adopt the following new rule:189—7.7(533):

At least 30 days prior to funding any secondary capital agreement, a credit union shall notify the superintendent and provide the secondary capital account contract agreement, accurately disclosing the terms and conditions of the agreement, and due diligence completed by the credit union. 

Background and Reasoning

The proposed amendment is intended to articulate requirements for credit unions to notify the Division prior to funding secondary capital agreements.

Authority

533.104 and 533.107.

Fiscal Impact

None

2021 Proposed Membership Vote Changes

Proposed Changes
Chapter 12, Votes of the Membership

This rule was rewritten to consolidate and simplify rules pertaining to votes of the membership.  Click the link, "Chapter 12- Votes of the Membership", displayed previously on this page to view all the details.

Background and Reasoning

The proposed amendments are intended to simplify and update the technical requirements for substantive votes of the credit union membership. The amendments consolidate technical rules into a comprehensive voting system and articulate substantive components in individual sub rules.

Authority

Iowa Code 533.201 and 533.203

Fiscal Impact

None

2021 Proposed Foreign Credit Union Fee Changes

Proposed Changes
Chapter 15, Foreign Credit Union Branch Offices

Amend subrule .15.6(1): 

Each credit union operating a branch office in this state pursuant to these rules and Iowa Code section 533.115 shall pay an annual registration fee of $1,000 plus $250 for each branch or office located in Iowa to the superintendent on or before February 1 of each year. 

Background and Reasoning

The proposed amendment updates the annual fees paid by foreign credit unions to the Division.

Authority

533.115

Fiscal Impact

None