Iowa Credit Union League - Credit Union Organizations

A credit union is a member-owned, not-for-profit financial cooperative formed solely to meet the needs of its membership. Credit union members can be people who share something in common such as where they live, work or worship. Credit unions pool their members’ deposits in order to provide loans to other members at affordable rates. Members also benefit from higher returns on savings and fewer fees, on average, as compared to for-profit banks.

Credit Unions are Owned and Governed by Members
Credit unions are governed by a volunteer board of directors who are elected by the membership. Each member has equal ownership in the credit union and one vote in the election of the board of directors regardless of how much money that person has deposited in the credit union.

Credit Unions are Safe and Sound
Credit unions are highly regulated. Federally-chartered credit unions are regulated by the National Credit Union Administration and state-chartered credit unions are regulated by the Credit Union Division of the Iowa Department of Commerce. Both are insured by the National Credit Union Share Insurance Fund, up to $100,000 per member deposit. No one has ever lost money in an Iowa credit union. In short, credit unions are a safe place to save and borrow at reasonable rates.

Credit Unions Serve Iowa Communities
Credit unions are good corporate citizens and are located within the communities they serve. Credit unions’ high loan-to-deposit ratios are a good indication of how involved they are within their communities, and have been ranked number one in customer satisfaction for more than 20 straight years by an American Banker/Gallup survey.

Credit Unions Differ from Banks
While credit unions and banks are both financial institutions, they are structured differently and have a different social mission. To learn more about the credit union difference, click here.

Iowa Credit Unions are for You!
For more information on credit union membership, please visit our FAQ page or contact us.

Iowa Credit Union League
President/CEO
Patrick Jury
515-221-3002
patj@iowacreditunions.com