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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On May 8, 2018, Commissioner Lise Kruse issued an Order revoking the collection agency license of Northland Receivables Inc. d/b/a Checkrite of Minot. The company has been ordered to cease and desist any further collection activities in the State of North Dakota. Additionally, the Commissioner has ordered the suspension/removal of Kirk Wullweber from participation in the conduct and affairs of the collection agency, and prohibited him from being employed or otherwise participating in the affairs of any financial corporation, financial institution, credit union, or any other entity licensed by the Department of Financial Institutions. A copy of the Order may be viewed here: Order
The parties listed in this Order have been provided the opportunity to request a hearing pursuant to law. Any person having any further questions, or believing they have been harmed by the conduct of Northland Receivables Inc. d/b/a Checkrite of Minot is directed to contact the Department.
Commissioner Lise Kruse recently signed an agreement to join six other states in streamlining the application process for Fintechs and other money service businesses. It is expected other states will join this multi-state compact as part of a goal to gain participation from all 50 states. Refer to the Conference of State Bank Supervisors (CSBS) press release: Press Release
Welcome to our new website. We are hopeful it will be more user-friendly and informative.
The Treasury Department recently issued a Financial Sector Cybersecurity Tabletop Exercise Template which is designed to assist small/mid-size financial institutions in assessing and strengthening their cybersecurity posture. This voluntary tool will allow institutions to carry out internal cybersecurity exercises. The template is customizable and allows for institutions to tailor the incident scenarios to their individual needs. The template also includes discussion questions that can be used to enhance dialogue and improve participant understanding of incident response plans. CSBS has shared this template, which is available for download: