The board of University of Iowa Community CU approved changing the name of the North Liberty, Iowa-based credit union after a state law was passed prohibiting credit unions from using state university names.
Affected credit unions would need to comply with the new law, which was recently signed by Iowa Gov. Kim Reynolds, by April 30, 2019, according to the credit union.
University of Iowa Community CU is forming a committee to create and vet possible names. The name change would not require member approval.
The name change may cost about $2.5 million, or 0.9% of its projected annual revenue, according to the credit union.