Iowa Governor Kim Reynolds recently signed the state’s budget bill into law. This bill carries an amendment stating that credit unions “shall not include the name of any public university located in the state in its name.” While the University of Iowa Community Credit Union (UICCU) was the “primary” target for this bill due to their explosive growth over recent years, we are unfortunately impacted by the decision as well.
We are required to change our name by April 30, 2019. The UNI Credit Union Board of Directors met on June 18, 2018 and voted unanimously to comply with the law and move forward with the change.
We will keep members notified each step of the way during the process, starting with answers to some of the anticipated questions.
Why is the UNI Credit Union changing its name?
Governor Kim Reynolds signed the state budget bill into law in June. The bill included an amendment that requires UNI Credit Union to change its name.
When will the name change occur?
We will work toward the deadline of April 30, 2019.
What is the history of our name?
UNI Credit Union was established in 1955 and provides financial services to the employees, faculty, alumni and students of the University of Northern Iowa along with employees, students, alumni and faculty of the Cedar Falls School District. In 2012 Midwest Utilities Credit Union consisting of the employees, retirees, and families of MidAmerican Energy along with the employees of Greco Financial and Nagle Signs merged with UNI Credit Union. Our current membership exceeds 2,000.
What happens between now and April?
We are giving members the opportunity to submit their ideasfor renaming our credit union. All submissions are due Friday, July 13, 2018 at 5:00 p.m. The board will then review the name options and select a new name for the credit union. The new name will be announced in the Fall 2018 issue of our member newsletter, which be mailed to all member households in October.
Do the members need to vote to approve the new name?
No. Current Credit Union law does not require a membership vote for a name change.
What guidelines will you follow in creating the name?
Our goal is to select a name that is simple and welcoming, and encompasses our heritage and the groups we serve. It will be challenging, no doubt.
Will a name change inhibit our success?
Unlike UICCU, UNI Credit Union is a closed field of membership credit union, which means we only serve students, parents of students, alumni, faculty, staff & retirees of the University of Northern Iowa; the employees, families & retirees of MidAmerican Energy & the students, parents of students, alumni, faculty, staff & retirees of the Cedar Falls School District. So, while we do believe our name has contributed to some members’ initial interest in the credit union – and it will be painful to lose that connection – it’s our member service and financial services that keep members coming back, and those things will not change. We may have to work even harder to communicate our commitment to the groups we serve, particularly at the University of Northern Iowa, so sharing your credit union with other eligible members will be more important than ever!
What will the name change cost the cooperative?
At this time we are unsure, but we are gathering estimates and will report the dollar amount as soon as we have a confident figure.
Will the change impact the products, services, staffing, pricing or location of UNI Credit Union?
No. This will be a change in name only. There will not be a change to staff, branch location, products, or member account numbers. There will be no need to order new debit cards, credit cards, or checks. However, when you run out of checks or your cards expire, the new name and logo will appear on your replacement checks and cards.
Can our members submit ideas for a new name?
Absolutely! Simply visit this page and submit your name ideas by Friday, July 13, 2018 at 5:00 p.m.