The University of Iowa Community Credit Union announced on its website that it will change its name. The move comes after a bill was passed by the state legislature last session and signed into law that bans credit unions from using the name of a state university.
Banks complained that the credit union was getting benefits from using the name — even though it is not connected with the University of Iowa. The Board of Regents also raised concern about the perceived connection with the school.
The credit union website says it started in 1938 as the State University of Iowa Hospital Employees Credit Union. It expanded in 1966 and became the University of Iowa Credit Union. The word community was added to its name in 1988. The credit union says it will ask its members to help find a new name. The law requires the change by April 2019.
The credit union says 75% of its members are now not affiliated with the University of Iowa.