WEST DES MOINES, IOWA (January 8, 2025) — With legislation signed by Iowa Governor John Hammill in 1925, establishing the Iowa Credit Union Act, the industry is celebrating 100 years of impact in 2025. The founding of these member-owned, financial cooperatives introduced a new era that would transform the financial landscape of the state.
First established in Europe in the 1850s, credit unions were created to allow people to improve their financial well-being by pooling their savings and lending to each other — a financial cooperative. The first credit union founded in Iowa was the Des Moines Postal Employees Credit Union, now known as First Class Community Credit Union.
Today, Iowa’s 67 credit unions provide a $2.7 billion economic impact to Iowa annually through direct, indirect, and induced economic output. The industry employs 4,825 Iowans directly, and supports an average of 10,000 jobs per year.
Iowa credit unions also account for nearly two thirds of the car loans and one third of the home loans made in our state.
"For 100 years, Iowa credit unions have put our members first, fostering financial well-being and strengthening our communities,” said Murray Williams, President and CEO of the Iowa Credit Union League. “Built in the cooperative spirit, this century of service throughout the state of Iowa is a testament to the enduring power of people helping people."
Iowa’s credit unions continue to provide a critical member-owned choice in the financial marketplace, serving more than 1.5 million members. With a strong commitment to the “people helping people” philosophy, Iowa credit unions remain dedicated to empowering individuals financially and serving local communities. With national banks and large financial tech companies becoming more prevalent in our state, the benefit of locally-controlled, cooperatively-owned credit unions has never been more tangible. Over the past year, Iowa credit union members have saved more than $142 million in better rates and fewer fees compared to what they would have paid at a bank.
Ready for the next century of service, Iowa credit unions are committed to meeting the financial needs of Iowans. Learn more at iowacreditunions.com.
The Iowa Credit Union League is the trade association that represents Iowa credit unions and their 1.5+ million members.
Credit unions are not-for-profit, financial cooperatives owned and operated by their members. Iowans use their credit-union membership to receive higher interest-rates on savings and lower interest-rates on loans. For information, visit IowaCreditUnions.com.
