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IOWA CREDIT U. LEAGUE v. IOWA DEPT. OF BANKING

No. 60827.

268 N.W.2d 165 (1978)

IOWA CREDIT UNION LEAGUE and John Deere Employees Credit Union of Waterloo, Iowa, Petitioners-Appellees, v. IOWA DEPARTMENT OF BANKING, Respondent-Appellant, Iowa Bankers Association, Intervenor-Appellant.

Supreme Court of Iowa.

June 28, 1978.

Attorney(s) appearing for the Case

Richard C. Turner, Atty. Gen., and Elizabeth A. Nolan, Asst. Atty. Gen., for appellant Dept. of Banking.

Thomas, Schoenthal, Davis, Hockenberg & Wine by A. Arthur Davis and John A. Templer, Jr., Des Moines, for appellant Bankers Ass'n.

Hansen, Wheatcraft & McClintock by Ronald A. Riley, Des Moines, and Ralph S. Swoboda, Madison, Wis., for appellees.

Stewart, Wimer & Bump by Richard W. Berglund and Langley, Dunn, Mountain & Sellers, Des Moines, for Iowa Independent Bankers, amicus curiae.

Considered en banc.

UHLENHOPP, Justice.

In this appeal we must decide whether Iowa law authorizes credit unions to engage in the share-draft business.

I. The evidence discloses that credit unions constitute an extension of the cooperative movement into the saving-borrowing area. An idea was conceived to create nonprofit organizations consisting of members who were employees of a plant or business, residents of a vicinity, or other defined group. The member-savers could place...

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