Iowa sign Source: Farangphoto/Shutterstock.

The Iowa Credit Union League released a rare and scathing rebuke of Jeff Plagge, the Iowa Division of Banking Superintendent, arguing he has a blatant conflict of interest in denying the First American Bank’s application to sell its seven branches to Iowa’s largest credit union, the $5.7 billion GreenState Credit Union.

However, there is no apparent conflict of interest because Iowa law requires the superintendent to be a banker and that state law also allows the superintendent to provide services for any enterprise or person under the regulatory purview of the banking division, according to Shauna Russell Shields, bank bureau chief for the Iowa Division of Banking.

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Peter Strozniak


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