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CU System
Iowa bill signed by governor includes CUs IDAs
DES MOINES, Iowa (4/30/08)--Iowa Gov. Chet Culver Tuesday signed an economic stimulus bill that will enable Iowa's credit unions to continue serving working Iowans through the Credit Union Family Partnership Individual Development Account (IDA) program. The IDA program was recently launched by the Iowa Credit Union Foundation, which is one of many organizations that can apply to use funds for a program. The bill signed into law was Senate File 2430. It was the result of work by the bi-partisan Successful Families Caucus and the Iowa Credit Union League, and will demonstrate to low-income Iowans the importance of saving in an effort to end poverty, said the league. The legislation updates state law on the regulation of IDAs, which are savings accounts where a low-income participant's savings are matched dollar for dollar by grant funds from matching partners. The accounts traditionally are used to purchase a first home, to start or expand a small business, or to cover education or job training costs. The legislation appropriates $150,000 to organizations implementing an IDA program. It also allows IDA accounts for purchasing assistive technology--such as wheel chairs, hearing aids or prosthetic devices--by persons with disabilities. Through the foundation's program, "Iowa credit unions are reaching out to low-income Iowans to help them save, and this legislation will further facilitate and expand our initiative," said Marybeth Foster, executive director of the foundation.


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