State CU Can Change Its Name

IOWA CITY - A controversial name change that was approved, then delayed after some members questioned the narrow vote favoring the change, was ratified by the Iowa Division of CUs. The regulator said it has reviewed the issues surrounding the University of Iowa Community CU's change to Optiva CU and has given the go-ahead.

In October, members voted 198-192 in favor, but some members complained that some ballots were cast prior to a special meeting. Other members were permitted to cast votes by phone. In a letter to the credit union Jim Forney, superintendent of the Iowa Division of CUs, called the voting process "unconventional" but said the credit union had also made a "good faith effort to properly conduct the special membership meeting." The $520 million credit union will implement the new name on March 1.