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Iowa considers Fulton bill to legalize credit unions
Des Moines lawmakers debate the Fulton bill creating state supervised savings and loan unions in Iowa modeled after Massachusetts. Seven residents can apply to form a union, share values set at up to 10 per share, and operate deposits loans and investments under state banking control with safeguards including loan limits and interest rules. The plan aims to offer low interest loans and broader access, backed by a state education fund if enacted.
MENTIONED IN THIS ARTICLE
Associated Press
Des Moines
Senate
Fulton
Iowa
State Banking Department
Charles J. Fulton
Jefferson
Massachusetts
Towa
Way
Department
Credit Union Saving and Loan Plan
Tan
Edward Aa. Filene
Emi’sres
Europe
Fllene
State Department of Banking
Lozn Ff