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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The response to the request made by the Appraisal Subcommittee on September 7, 2018, for clarification and additional information to our August 1, 2018, submission has been issued. Specifically, the request was for confirmation of the relief being sought is within the Appraisal Subcommittee's statutory authority, additional documentation of the scarcity of appraisers in markets throughout the State, and documentation relating to the significant delays caused by this scarcity. Governor Burgum, Commissioner Kruse, and the North Dakota Bankers Association have issued the response jointly. Click here to view the response.
Several changes have been made during North Dakota's 66th Legislative Session that impact non-depositories. Letters to the industries summarizing these changes can be found here for money brokers, here for money transmitters, here for collection agencies, and here for deferred presentment service providers.
The widely used reference rate known as the London Interbank Offered Rate (LIBOR) is scheduled to go out of existence. Click here to read a letter from Commissioner Kruse regarding LIBOR and recommended actions to manage the transition.
On January 15, 2019, Commissioner Lise Kruse issued an Order suspending Bobbi Miller, a former employee of Kirkwood Bank and Trust, 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 parties listed in this Order have been provided the opportunity to request a hearing pursuant to law. A copy of the Order may be viewed here: Order
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.