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Credit Union Members Petition for New Election on Name Change
Press Release
February 6, 2007
For more information contact:
Jeff Cox (319-621-6127),
Tim Taffe (319-533-6869), or Caroline Dieterle (319-338-8674).
The
Membership Petition (Petition to Conduct an New Election on the Name
of the
"University of Iowa Community
Credit Union")
Iowa Division of Credit Unions Report (Letter from James E. Forney, Superintendent, Iowa Division of Credit Unions, to Ms. IngridHill, et al., January 8, 2007, Re: UICCU Changing Credit Union Name)
On October 4, a called membership meeting voted narrowly to change the name to Optiva Credit Union. The petition asserts that the balloting was conducted unfairly, in that credit union members were instructed to attend a meeting at 6 p.m., but credit union management informed some people that they could arrive early and cast ballots before the meeting began. The petition also asserts that the election appears to have been conducted in violation of the Iowa Code.
After the October 4 meeting members complained to the Iowa Division of Credit Unions, which conducted an investigation that concluded that an undetermined number of ballots were accepted prior to the commencement of the 6:00 membership meeting. The Division of Credit Unions also cited a section of the Iowa Code which states that changes in credit union bylaws must be "amended by a favorable vote of a majority of members present at a meeting."
The Credit Union Division declined to become involved in matters of internal credit union governance on this matter, leaving it in the hands of members first to challenge the election by petition.
The petition demands that a new membership meeting be held on February 28, or at some other convenient time, in order to vote on the new name before it comes into effect on March 1.
Copies of the membership petition, and the report of the Iowa Division of Credit Unions, are attached [Note: See links at top of page.]
For more information contact Jeff Cox (319-621-6127), Tim Taffe (319-533-6869), or Caroline Dieterle (338-8674).