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Financial Services Law Insights and Observations

Iowa Division of Credit Unions issues update on notifications to close or limit services

State Issues Covid-19 Iowa Credit Union

State Issues

On March 17, the Iowa Division of Credit Unions issued an update pertaining to advanced notice for credit unions to limit services or close branches. In response to the Covid-19 crisis, the superintendent announced the standard requirement to notify the division 60 days prior to closures or limitations of services would be relaxed to entail a notification via written email “in a timeframe as practicable as possible.” The update further explained that while no formal form is required, the credit union must provide details pertaining to closures or service limitations, and how it has communicated these changes to its members.

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