UICCU to change name following state law change
The University of Iowa Community Credit Union will change its name following a change in state law seeking to prevent the misuse of the names of the state’s public universities.
UICCU sent to its members and posted to its website a message explaining the name change, stating it will take place by April 30, 2019. Per that message, the credit union’s board of directors met on Saturday and voted not to fight the new state law, instead agreeing to change its name.
Gov. Kim Reynolds officially put the state law change into effect when she signed the state budget bill earlier this month. That bill included a provision banning credit unions from including “the name of any public university located in the state in its name.”
The credit union says a committee will be formed to “create and vet” possible new names before presenting some options to the board of directors in either late summer or early fall. There will not be a membership vote on the new name.
UICCU was formed in 1938 as the State University of Iowa Hospital Employees Credit Union. It changed its name when it expanded its service to all UI staff and students in 1966 and has been using the UICCU moniker since adding the word “community” in 1988 and opening its services to anyone.
Credit union officials stress nothing else will change regarding its services. However, the name change will cost an estimated $2.5 million, a little less than one percent of its projected annual revenue.