Credit union’s name change expected to cost millions after board vote
Costs to change documents, signage and other materials will reach about $2.5 million as the University of Iowa Community Credit Union rebrands itself, the Des Moines Register reported. The credit union’s board voted unanimously on June 9 to seek a new name after mounting pressure from bankers and the Iowa Legislature, which included a budget bill amendment banning credit unions from using the names of state universities in their titles. The credit union had previously attempted a name change in 2007, but members voted against renaming to Optiva Credit Union. UICCU officials said they will accept suggestions online this time, but the credit union does not need a vote of members to approve a final name.