Advocacy

Iowa Credit Unions

The Credit Union Difference

Credit unions are cooperatively-owned, not-for-profit financial institutions. Every credit union member is an equal owner of the financial cooperative.

Credit unions reinvest earnings to benefit all members in the form of lower interest rates on loans, higher rates on savings and fewer fees. Iowa credit union members save approximately $160 million annually.

They support members in times of need with low-interest loans for medical emergencies, more options to help families pay for college or buy a home and with financial literacy programs to empower consumers to improve their financial lives.

 

Credit Union Provides Flexibility in Payment for Grinnell Member

A member recently used a “skip payment” option at his credit union. He is self-employed and recently became laid off. He was thankful the credit union offered this option since he can now use the money he has left to go toward food and gas instead of frantically keeping up on his payments and potentially impacting his credit if he cannot make the payment. 

Waukee Credit Union Defers Car Payment for Member

​A Waukee credit union employee received a call from a member who just lost her job and wanted to see if there was anything they could do for her during this time. The employee told her they could defer her car payments until May and wave the $30 fee. The member was so grateful they could help her that she was about to cry.

Waterloo Man Receives Extension for Loans

A doctor ordered one member to stay home due to being high-risk. He was thinking about retiring, yet his retirement income took a big hit. His employer was unable to pay him during this time, so his local credit union set him up with their Delay-A-Pay program and extended his auto loan and credit card payments.

 

Credit Union Assists Washington Member with Loan Payments

​A member recently returned home from a trip to Mexico. Her work informed her that she cannot return for 40 days. She received a letter from the Iowa Workforce Development approving her unemployment pay. The credit union allowed her to defer two loan payments for two months, which will help her out tremendously since she is a single mother of three.

Chart showing the flexibility provided by credit unions
2023 Legislative Properties

We want to share your stories and celebrate the impact of credit unions in the lives of Iowans and communities across Iowa.

 

Credit Unions Benefit Iowans

As financial cooperatives, credit unions return excess earnings to members in the form of better rates and fewer fees. Iowa credit unions saved members approximately $160 MILLION last year.

76%

of total mortgage applications from low/moderate income borrowers are APPROVED

$134,632

average first mortgage loan made by credit unions

34%

of consumer loans at credit unions are less than $5,000

64%

of business loans at credit unions are less than $100,000


Helping Small Businesses Across Iowa

Credit unions help small business dreams come to life across Iowa. Below are examples of business owners that have benefited from Iowa credit unions and their people helping people approach.