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Iowa Bill Could Pare Down Credit Union Input on Regulations, Exams, Fees, League In Talks with CU Superintendent to Plead Case

In a bill that could essentially reorganize the Iowa Credit Union Act, one addition could change how strong of a voice credit unions might have on regulations, examinations and fees. According to Iowa Senate File 38, section 7, a "credit union council" would replace the current "review committee." The council...

By Michelle A. Samaad | Updated on February 27, 2007

DES MOINES, Iowa — In a bill that could essentially reorganize the Iowa Credit Union Act, one addition could change how strong of a voice credit unions might have on regulations, examinations and fees. According to Iowa Senate File 38, section 7, a “credit union council” would replace the current “review committee.” The council would serve as an advisory body to Jim Forney, superintendent of the Iowa Credit Union Division, on such matters as recommending changes in the examination and regulation of credit unions and strategic planning for credit union-provided services as well as recommendations regarding the annual fee assessed to help operate the division.

The problem with the switch to a council is that it could potentially strip rule and policy making powers away from credit unions, said Iowa Rep. Bob Kressig (D-Cedar Falls), who also serves on the state’s Commerce Committee’s Financial Services Subcommittee.

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