News

North Dakota Department of Financial Institutions joins with other state regulators issuing a Cease and Desist Order on Sigue Corp., prohibiting them from engaging in money transmission. A press release can be found here, and the order can be found here.

Olympic Financial Group, Inc. d/b/a OFG, Inc. entered into a consent order with the Department of Financial Institutions where upon Olympic agrees to involuntarily surrender its North Dakota money transmitter license to fully resolve the ongoing administrative proceeding. Please find the Consent Order here. 

Click here to view.

The Commissioner of the Department of Financial Institutions has issued an Order suspending Kirniece Najimov, a former employee of Wyoming Financial Lenders, doing business as Payday Express, from employment or otherwise participating in the affairs of any financial corporation, financial institution, credit union, or other entity licensed by the North Dakota Department of Financial Institutions. The party listed in this Order has been provided the opportunity to request a hearing pursuant to law. A copy of the order can be found here: Order

The Commissioner of the Department of Financial Institutions has issued an Order suspending Heather Hofstrand, a former employee of Wyoming Financial Lenders, doing business as Payday Express, from employment or otherwise participating in the affairs of any financial corporation, financial institution, credit union, or other entity licensed by the North Dakota Department of Financial Institutions. The party listed in this Order has been provided the opportunity to request a hearing pursuant to law. A copy of the order can be found here: Order

 State Regulators Settle with ACI Payments, Inc. for Unauthorized Transactions from

Mr. Cooper Customer Accounts

State regulators and state attorneys general levy combined fines of $20 million for data misuse impacting 480,000 consumers nationwide
 

Bismarck North Dakota—The North Dakota Department of Financial Institutions and 43 other state agencies have reached settlements with ACI Payments, Inc., for erroneously initiating electronic transactions totaling $2.3 billion from the accounts of 480,000 mortgage-holders serviced by Mr. Cooper (formerly known as Nationstar Mortgage, LLC). State regulators levied $10 million in fines through a multistate enforcement action led by regulators from Arkansas, Connecticut, Maryland and Texas with support from the Conference of State Bank Supervisors.  Additionally, 50 state attorneys general, including North Dakota Attorney General Drew Wrigley, on behalf of North Dakota, participated in a matching settlement, which also levied $10 million in fines to ACI, in coordination with state regulators.  <more>

A copy of the Order can be found here: Order

The Commissioner of the Department of Financial Institutions has issued an Order suspending Tamra Counts, a former employee of Citizens Community Credit Union, Devils Lake, North Dakota, from employment or otherwise participating in the affairs of any financial corporation, financial institution, credit union, or other entity licensed by the North Dakota Department of Financial Institutions. The party listed in this Order has been provided the opportunity to request a hearing pursuant to law. A copy of the order can be found here: Order

On March 15, 2023, the North Dakota governor signed Senate Bill 2119 to enact the Money Transmission Modernization Act, the money transmitter model law created by industry and state experts. Senate Bill 2119 is an act to create and enact chapter 13-09.1 of the North Dakota Century Code, relating to money transmitters; to amend and reenact subsection 1 of section 6-01-01.1 of the North Dakota Century Code, relating to money transmitters; and to repeal chapter 13-09 of the North Dakota Century Code, relating to money transmitters. Provisions under the Act are intended to (i) reduce regulatory burden by promoting coordination among the states in areas of regulation, licensing, and supervision; (ii) protect the public from financial crime; (iii) standardize activities that are subject to, or otherwise exempt from, licensure; and (iv) modernize safety and soundness requirements to protect customer funds while supporting innovative and competitive business practices. See full letter

New Residential Mortgage Lender License and Branch Registration

Senate Bill 2090 creates and enacts North Dakota Century Code (NDCC) Chapter 13-12, relating to licensure of Residential Mortgage Lenders. Beginning August 1, 2023, Residential Mortgage Lenders will no longer be regulated under the North Dakota Money Brokers Act and will be required to hold and maintain a Residential Mortgage Lender license under the new Chapter (NDCC 13-12). Click here for more information: Residential Mortgage Lender License and Branch Registration Letter

BISMARCK, N.D. (MAY 17, 2023) – The national Conference of State Bank Supervisors (CSBS) on Tuesday elected North Dakota Department of Financial Institutions Commissioner Lise Kruse to chair its board of directors for 2023-24.

 Kruse was elected during the organization’s annual meeting in Washington, D.C.