MEMBER SPOTLIGHT - Iowa Credit Union League

Member Spotlight - Iowa Credit Union League

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07/01/2019


Member Spotlight

Iowa Taxpayers Association wants you to get to know our members and to provide opportunities for networking. Each month ITA highlights a member company.

This month's member company spotlight is on Iowa Credit Union League. Following is their answers to our questions regarding information on their company and why they are an ITA member.
 

Tell us a little about Iowa Credit Union League.
The Iowa Credit Union League (ICUL) is the non-profit trade association representing the interests of Iowa’s state and federally chartered credit unions and their more than 1.3 million members. ICUL provides support to the credit union industry by providing:

- Advocacy leadership
- Regulatory compliance support
- Professional development opportunities
- Management consultation
- Communications and marketing support

Through our 360 degree advocacy initiatives, the Iowa Credit Union League has worked to develop a strong grassroots network that advocates for the interests of credit union members with our elected officials. These legislative champions have helped bring awareness to meaningful legislative priorities that support the financial lives of Iowans, protect consumer choice in the financial services marketplace and raise awareness of the cooperative principles of credit unions.

Our philanthropic arm, the Iowa Credit Union Foundation, works to empower people and communities to achieve financial well-being by championing the credit union philosophy of “people helping people.” Through their charitable work, they support credit union members in need by offering disaster grants to those impacted by fire, flood and tornado. They offer annual scholarships to high school students and college students through the Warren A. Morrow Memorial Scholarship program. Additionally, they invest in community-sponsored initiatives that raise awareness to the financial needs of Iowans, such as the United Ways of Iowa ALICE Report. 

ICUL also serves as a hub for connectivity and support amongst Iowa’s credit unions. Hosting more than 30 annual events, including a three-day annual convention, ICUL works to engage and educate credit union leaders. ICUL’s education events are designed to touch each area of the credit union’s services, including leaders, emerging leaders, human resources, compliance, marketing, finance/accounting, lending and member service.  

ICUL is governed by a board of elected credit union leaders from different asset categories and different areas of Iowa. They work closely with ICUL leadership to ensure the needs of the association member credit unions are being met.

The ICUL office is located in West Des Moines.

What is an interesting fact about your company?
The Iowa Credit Union League has a holding company and family of for-profit affiliate companies. These companies include: AMC FS, Inc., BrightWise, Coopera, First Community Trust, N.A., PolicyWorks Iowa and PolicyWorks, LLC. The success of these companies supports the activities of ICUL, keeping member dues lower than the national average for credit union league dues.

Why is your company a member of ITA?
ICUL has been an ITA member for many years, for several reasons.  First, ITA does a tremendous job advocating at the statehouse on business tax policy, representing its members’ interests.  As part of this work, ITA affords our company and staff with great networking opportunities.  In addition, ITA does a nice job each year summarizing any state tax changes and explaining the business implications.  Various types of educational opportunities offered by ITA are also valued by ICUL.

What is your biggest challenge when it comes to tax policy? 
Credit unions are taxed differently than other financial institutions because of their different structure as not-for-profit cooperatives.  They pay a tax on legal reserves that is unique to credit unions—along with paying property tax, sales tax, payroll tax, etc.  Ensuring that elected officials understand why this different tax treatment is appropriate and beneficial to Iowans is important to our industry.

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