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Comment: Growth of Credit Union

[Note: This material is copyright by the Press-Citizen, and is reproduced here as a matter of "fair use" for non-commercial, educational purposes only. Any other use may require the prior approval of the Iowa City Press-Citizen.]

The two issues raised in Friday's "Our View" seem exactly on target: Does the current name have too close an association with the University? And, does the name keep the credit union from expanding into other states and regions?

I understand the first issue; I do not understand the second.

I could support a name change that keeps the words "Iowa" and "Community Credit Union" and perhaps adds others. Iowa Valley Community Credit Union, perhaps, because of the Iowa River. But as a member I would not support an effort to expand the credit union beyond this community, because I value community-based credit unions. I have belonged to a half-dozen credit unions that each served the community I was then in, and I have retained my membership in some of them because I still consider myself part of that community.

If the officers of the credit union feel impelled to seek out wider markets, perhaps they should seek opportunities with financial institutions (I think they are called "banks") that don't feel the need for a community base.

Steve Cunningham
Coralville

The salary of the president of a credit union increases with the assets of the credit union. Hence, there is a big incentive for the president to push growth above everything else.

It is therfore no surprise to hear Disterhoft say that "Growth means everything". Well, it may mean everything to him and some employees.