No action yet on Iowa league's application to buy bank

DES MOINES, Iowa (11/4/09)--Bank regulators have yet to rule on the Iowa Credit Union League's application to acquire an Arizona-based bank to possibly provide correspondent services to Iowa's credit unions as the Iowa Corporate Central CU reviews its future.

Both the Federal Reserve Bank in its capacity as the regulator of bank holding companies and the Office of the Comptroller of the Currency (OCC) as the primary regulator of national banks review such applications.

"The regulators try to reach a decision within 60 days of receiving the application and there are still several weeks remaining in that timeframe," said Murray Williams, league chief operations officer, told News Now.

The Iowa corporate, a small but well-capitalized corporate based in Des Moines, has conveyed to its members that it is examining whether it can continue to provide the same competitive products and services in a changing regulatory environment, the league said in an Oct. 6 article in News Now.

The National Credit Union Administration is set to make recommendations regarding corporate credit unions at its November meeting.

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