New law says credit union has to change its name

posted by Gary Barrett - 

After Governor Kim Reynolds signed the state budget bills into law this year, a North Liberty-based credit union found it had to change its name. The University of Iowa Community Credit Union will have to take "University of Iowa" out of its name.  

A budget bill has language barring credit unions from using the name of state universities and the Iowa Board of Regents has also voted to ban the use of University names.  

The Credit Union now only has about 25 percent of its 170 thousand-plus members who are actually staff. students or alumni of the U of I.  

The company hopes to make the name change by April of next year.  Between now and next April. the credit union will form a committee to vet new names for the Board of Directors, which will approve the name change.  

UICC says the name change will cost around two and a half million dollars to complete, about nine-tenths of a percent of their annual revenue.

University of Iowa Community Credit Union has branch offices in West Des Moines and Waukee.

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