About

Charter to transact business as a credit union.

Code Citation IC 533.101

Who Applies Any seven residents of the State of Iowa may apply to the Superintendent of Credit Unions for permission to organize a credit union.

When To Apply Application may be submitted at any time during the year.

Initial Requirements Applicants must obtain federal deposit insurance from the National Credit Union Administration before commencing business. [Iowa Code 533.307] The credit union must commence business within 60 days after the charter is approved. [Iowa Administrative Code 189-2.9 (533)] All credit union officials, directors and employees must be bondable. [Iowa Code 533.308] Senior executive officers and directors must obtain prior approval from the federal deposit insurer before taking office. Information submitted includes personal history, business background, business experience (5 years), and any criminal indictment, conviction or pending legal or administrative proceedings. [NCUA Regulations 701.14 (c), (d); 741.205]

Duration Continuous, unless surrendered or revoked by administrative action of the Division. [Iowa Code Section 533.501]

Processing Time 30 days.

Fee Structure Application: $10

Renewal Requirements Does not pertain.

Exam Does not pertain.

Additional Information None.