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Iowa regulator says credit union changes invalid

CHARLES CITY, Iowa (AP) - Iowa regulators say a board and management shake-up at a northern Iowa credit union didn't follow the law or the union's bylaws and so are invalid.

At an annual meeting of the Family Community Credit Union on Saturday in Charles City, members voted to dismiss the board of directors, suspend CEO Dawn Swaningson, reinstate staff members who had quit in protest of their treatment by Swaningson, and appoint a new board and CEO.

But Iowa's superintendent of credit unions, JoAnn Johnson, says those actions were legally invalid.

She wrote the credit union members on Monday that such actions regarding the board had to be put up for a vote of all eligible members of the credit union, not just those who attended the meeting.

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