Each credit union member has one vote, no matter how much money the individual has in the credit union. Members elect a volunteer board of directors, who set the policies and rates of the credit union. Credit unions hold annual membership meetings to elect new board members. Many Iowa credit unions are on the cutting-edge of electronic service delivery. Products like home banking, online loan applications, automated response systems, smart cards and debit cards can be found in credit unions of all shapes and sizes.
Credit unions have either a federal or state charter.
D.C. In Iowa, state charters are granted by the Credit Union Division of the Iowa Department of Commerce. As mentioned above, however, the vast majority of Iowa's credit unions are state chartered and are primarily regulated by the state. On average, Iowa credit unions reserve 10 percent of their capital. These funds protect credit union members from unexpected losses. Every credit union in Iowa is federally insured, and no one has ever lost money in an Iowa credit union.