Iowa's biggest credit union may have to change name because of GOP budget bill

[TexasTowelie]

Iowa's credit unions were spared a major tax increase this legislative session after fending off a heated campaign from Iowa bankers and some GOP lawmakers.

The Iowa Credit Union League celebrated the win in a press release, saying "the voice of the people was heard." And the trade group purchased a full-page ad in the Des Moines Sunday Register thanking legislators "for protecting financial choice."

But Iowa lawmakers did take aim at the state's largest credit union, the University of Iowa Community Credit Union, through a major budget bill.

End-of-the-session appropriations legislation included a provision banning Iowa credit unions from using the names of state universities in their titles.

Read more: https://www.desmoinesregister.com/story/money/business/2018/05/17/university-iowa-community-credit-union-may-forced-change-name/615062002/

[rurallib]

1. Thanks for posting this. A great example of how stupid our legislature is

Couple of things here:

1) banks are among those buying Republican Iowa legislators.

2) If I recall correctly at one time a credit union had to be connected to some institution such as a specific business or union. Not sure if the name had to be in the credit union name, but most of them were.
A credit union at that time was a common group getting together for a mutual benefit. Credit unions helped shield members from the predatory banks.

3) We have been members since we were married. At that time you had to work AT the university to be a member. Not sure who changed those laws but I am guessing the legislature did.

4) Republicans in Iowa hate the University of Iowa and are getting as creative as Republicans can to hurt the U in any way it can. With Bruce Rastetter (sp?) as head of the board of regents, trashing the U of I was their main focus. Once Branstad was governor, shitting on his alma mater became a priority.