Affiliates of the Iowa Credit Union League have approved a number of bylaw changes that will change the league's governance structure, including shrinking the board. During its annual meeting members approved moving to board representation according to asset size rather than the previous geography-based representation. The four asset tiers, which will have three directors each, will be: $0-$6.9 million; $7-$19.9 million; $20-$49.9 million, and $50 million and above.
The league said it will reassess the tiers periodically. In addition, the board will shrink to 12 members from 21, with the chair granted an initial three-year term. The remaining directors will draw for one-, two-, or three-year terms with a term limit of three consecutive three-year terms to ensure the continuity and stability of the board. Committees will evolve from standing committees to purpose-oriented committees or task forces as needs arise.
