The North Dakota Department of Financial Institutions is responsible for chartering, regulating, and examining North Dakota state-chartered banks, credit unions, and trust companies. The Department also licenses and regulates Money Brokers, Mortgage Loan Originators, Deferred Presentment Service Providers (Payday Lenders), Collection Agencies, Debt Settlement Service Providers, and Money Transmitters conducting business in North Dakota. Please be aware the Department does not regulate all institutions doing business in North Dakota. Specifically, we do not regulate federally-chartered banks or credit unions.
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Federal agencies issue a joint statement on banks and credit unions sharing resources to improve efficiency and effectiveness of Bank Secrecy Act Compliance. Click here to read the statement.
On July 26, 2018, Commissioner Lise Kruse issued an Order imposing a $2,000.00 civil money penalty against Kirk Wullweber of Minot, North Dakota. The Commissioner finds that Kirk Wullweber acted in willful violation of North Dakota law and a previously issued Departmental Order by engaging in unlicensed collection activity with a resident of North Dakota. The party listed in this Order has been provided the opportunity to appeal the assessment pursuant to law. A copy of the Order can be viewed here.
The State Credit Union Board will hold a public hearing to address proposed new rules and amendments to Title 13 of the North Dakota Administrative Code. The hearing will be held on August 30, 2018 at 1:30 pm in the Conference Room of the Department of Financial Institutions at 2000 Schafer Street, Suite G, Bismarck, North Dakota.
To help address the appraiser shortage in North Dakota, Governor Burgum, Commissioner Kruse, and the North Dakota Bankers Association have submitted a temporary waiver request for certain real estate appraiser requirements from the Federal Financial Institutions Examination Council's Appraisal Subcommittee. Specifically, the request asks for an increase of the limit when an appraisal is required from $250,000 to $500,000 for residential real estate loans and from $500,000 to $1,000,000 for agriculture and business loans. This will improve North Dakota citizens’ ability to obtain real estate mortgages in a timely and cost efficient manner and will provide another option for consumers.
As most financial institutions are aware, the implementation date for the upcoming Current Expected Credit Losses (CECL) accounting standard continues to draw nearer. Though the implementation date is still years away for most institutions, the new accounting standard will significantly change the methodology institutions use for estimating future credit losses. To help regulators gauge each institution's CECL-readiness, Department examiners will be joining examiners from the Federal Reserve, the FDIC, and the NCUA in assessing each institution's progress during upcoming safety and soundness examinations. <more>