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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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Consent Order and Money License Surrender of Olympic Financial Group, Inc. d/b/a OFG, Inc.

Wednesday, February 21, 2024 at 08:00 am

Categories: Order

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


DFI Biennial Report Now Available!

Monday, November 27, 2023 at 11:00 pm

Categories: Biennial Reports

Click here to view.


Order of Suspension of Kirniece Najimov

Wednesday, November 15, 2023 at 11:00 pm

Categories: Prohibition Orders

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


Order of Suspension of Heather Hofstrand

Wednesday, November 15, 2023 at 11:00 pm

Categories: Prohibition Orders

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

Tuesday, October 17, 2023 at 10:00 am

Categories: News

 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

 


Order of Immediate Suspension of Tamra Counts

Monday, July 24, 2023 at 03:00 pm

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


North Dakota Enacts Money Transmission Modernization Act

Monday, June 26, 2023

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

Monday, June 5, 2023

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


Financial Institutions Commissioner Lise Kruse elected chair of national Conference of State Bank Supervisors

Wednesday, May 17, 2023

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.


Department of Financial Institutions Commissioner Lise Kruse says North Dakota banks, credit unions remain stable

Friday, March 17, 2023 at 09:20 am

Department of Financial Institutions Commissioner Lise Kruse says North Dakota banks, credit unions remain stable.

Bismarck, N.D. (March 17, 2023) - North Dakota’s state-chartered banks and credit unions remain stable, well-capitalized and in sound financial condition, Department of Financial Institutions Commissioner Lise Kruse said today.

 


Consent Agreement Order West Realm Shires Services Inc. d/b/a FTX US

Thursday, March 2, 2023 at 11:00 pm

The North Dakota Department of Financial Institutions has signed a Consent Agreement and Order with West Realm Shires Services Inc. d/b/a FTX US. Please find the Consent Agreement and Order here


Guidance for Digital Assets/Virtual Currency - Credit Unions

Wednesday, June 8, 2022 at 12:40 pm

In response to many requests for information, the Department is providing this guidance to assist you when you consider providing digital asset and virtual currency services. This guidance is limited to address the most frequently asked questions we receive. This guidance is neither legal advice nor a comprehensive guide on all aspects of digital assets/virtual currencies. The Department Recognizes that this is a quickly evolving area and that Federal oversight, regulation, or additional guidance may be forthcoming. Therefore, the Department may rescind or revise this guidance on short notice. The information herein is based on what is currently known and considered, and although the Department is aware of uncertainties involved, especially when it comes to Federal regulatory actions, the Department believes it is important to provide timely information to help state-chartered credit unions meet members' needs consistent with safe and sound principles. <more>


Guidance for Digital Assets/Virtual Currency

Wednesday, May 18, 2022

In response to many requests for information, the Department is providing this guidance to assist you when you consider providing digital asset and virtual currency services. This guidance is limited to address the most frequently asked questions we receive. This guidance is neither legal advice nor a comprehensive guide on all aspects of digital assets/virtual currencies. The Department recognizes that this is a quickly evolving area and that Federal oversight, regulation, or additional guidance may be forthcoming. Therefore, the Department may rescind or revise this guidance on short notice. The information herein is based on what is currently known and considered, and although the Department is aware of uncertainties involved, especially when it comes to Federal regulatory actions, the Department believes it is important to provide timely information to help state-chartered community banks meet customers’ needs consistent with safe and sound principles. <more>


State Regulators Settle with Hundreds of Mortgage Loan Originators over SAFE Act Education Requirements - North Dakota joins 41 others in multi-state enforcement action

Tuesday, January 25, 2022 at 11:00 pm

The North Dakota Department of Financial Institutions and financial regulatory agencies from 42 other states reached settlements with 441 mortgage loan originators nationwide who deceptively claimed to have completed annual continuing education as required under state and federal law.

North Dakota entered into settlement agreements with Chad Baker, Brian Brown, and Kevin Heckemeyer.  These agreements can be found here.

Through the settlements, the mortgage loan originators agreed to surrender their licenses for a period of three months, pay a fine of $1,000 for each state in which he or she holds a license and take continuing education beyond Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requirements. <more>


Order of Immediate Suspension of Kaitlin Kastet

Monday, November 29, 2021 at 11:00 pm

The Commissioner of the Department of Financial Institutions has issued an Order suspending Kaitlin Kastet, a former employee of First Community Credit Union, Jamestown, 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


Order of Immediate Suspension of Amy Bradley

Monday, November 22, 2021 at 03:30 pm

The Commissioner of the Department of Financial Institutions has issued an Order suspending Amy Bradley, a past employee of the former 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 parties listed in this Order have been provided the opportunity to request a hearing pursuant to law.  A copy of the Order can be found here: Order


The State Credit Union Board and State and State Banking Board Proposed Administrate Rules

Thursday, November 18, 2021 at 11:00 pm

The State Credit Union Board and State and State Banking Board publish proposed Administrate Rules.  These can be found here: NDAC Proposed Rules  Full Notice


Order of Immediate Suspension and Removal of Kelly Huffman

Monday, November 15, 2021 at 04:00 pm

The Commissioner of the North Dakota Department of Financial Institutions has issued an Order suspending Kelly Huffman, a former employee of The Union Bank, Beulah, 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. A copy of the Order can be found here: Huffman Removal Order 11/9/2021


Order of Immediate Suspension and Removal of Brent Torgerson

Monday, November 15, 2021 at 04:00 pm

The Commissioner of the North Dakota Department of Financial Institutions has issued an Order suspending Brent Torgerson, a former employee of The Union Bank, Beulah, 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. A copy of the Order can be found here: Torgerson Removal Order 11/9/2021


Order of Immediate Suspension and Removal of Brady Torgerson

Wednesday, July 21, 2021 at 10:30 am

The North Dakota State Banking Board has issued an Order suspending Brady Torgerson, a former employee of First Security Bank – West, Beulah, 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 parties listed in this Order have been provided the opportunity to request a hearing pursuant to law.  A copy of the Order can be found here:  Torgerson Removal Order


Bank-Owned Life Insurance on Employees and Directors

Friday, March 26, 2021

Life insurance products can serve a number of appropriate business purposes and may be used to offset risks and costs incurred by a bank. These products exhibit characteristics that are different than other bank assets; therefore, the reasons for purchasing, your due diligence process, and ongoing monitoring of life insurance are governed by separate rules and an interagency policy statement to address oversight and risk management processes.

Bank-owned life insurance (BOLI) is addressed by North Dakota Administrative Code (NDAC) § 13-02-14, which was last amended April 1, 2003. Although this statute pre-dates the Interagency Statement on the Purchase and Risk Management of Life Insurance 2004-56, the Department’s rules are consistent with this statement.

A question the Department occasionally receives is whether a bank can continue to hold life insurance on an employee or director after that person is no longer with the bank. That depends on the purpose, whether the policy is for a key person or in connection with compensation and benefit plans. <more>  


Consent Order and Civil Money Penalties Issued Against Nationstar Mortgage LLC.

Monday, December 7, 2020 at 11:00 pm

On December 7, 2020, the Commissioner of the North Dakota Department of Financial Institutions joined other state and federal agencies in issuing a settlement agreement and consent order against Nationstar Mortgage LLC, d/b/a Mr. Cooper.  As part of the consent order, Nationstar will pay consumers nearly $90 million to resolve past actions, and will also pay in excess of $6.5 million in civil money penalties.  A summary of this consent order can be found here.  The settlement agreement and consent order can be found here.


Notice of a Persons Fraudulently Posing as North Dakota Financial Institution

Wednesday, September 23, 2020

We have been made aware of a fraudulent person(s) posing to be from a North Dakota financial institution.  The individual(s) place phone calls to the public and claim to be from a legitimate financial institution.  Their goal is to obtain personal financial information from the persons called.  These calls are fraudulent, likely part of an identity theft scheme.  As a reminder, you should never give out personal financial information over the phone or online unless you are confident that you are dealing with a reputable party.  A reputable bank, credit union, or non-depository financial institution will never contact you and request this type of information.     


North Dakota Receives Extension to Temporary Appraisal Waiver

Monday, August 17, 2020 at 07:00 am

On August 13, 2020, the Federal Financial institutions Examination Council (FFIEC) approved the Appraisal Subcommittee's (ASC) extension of a commercial real estate transaction temporary waiver relief order for North Dakota.  The extended waiver allows banks and credit unions in North Dakota to waive appraiser credentialing requirements for federally-related commercial real estate transactions under $1 million through August 7, 2021.  The waiver was originally granted on August 7, 2019, in response to a collaborative request by the State of North Dakota, the Department of Financial Institutions, and the North Dakota banking and credit union trade associations.

The FFIEC order can be viewed here: FFIEC Order

The Conference of State Bank Supervisors (CSBS) issued a press release applauding the temporary waiver while urging efforts to come up with a long-term solution to a problem that affects lenders nationwide.  CSBS Press Release


Revocation of Money Transmitter license of Olympic Financial Group, Inc.

Wednesday, August 12, 2020 at 10:45 am

On July 29, 2020, the Commissioner of the North Dakota Department of Financial Institutions revoked the money transmitter license of Olympic Financial Group, Inc., which is based in Minneapolis, Minnesota, and operates in North Dakota through delegates Safari Market in Grand Forks and Somali Business Center in Fargo. 

Money transmission activity includes receiving money or monetary value to send to a location within or outside of the United states on another person's behalf.  To lawfully engage in the business of money transmission, a license is required under North Dakota Century Code Chapter 13-09.

The Commissioner has found that Olympic Financial Group has failed to comply with North Dakota laws.  In order to protect the public, including new Americans, the Commissioner has ordered Olympic Financial Group to cease providing money transmitter services in North Dakota.  Order


North Dakota Requests Extension for Appraisal Waiver

Tuesday, July 7, 2020 at 07:00 am

On July 6, 2020, Governor Doug Burgum, the Department of Financial Institutions, the North Dakota Bankers Association (NDBA), the Independent Community Banks of North Dakota (ICBND), and the Credit Union Association of the Dakotas (CUAD) applied to the FFIEC Appraisal Subcommittee for an extension to the temporary appraisal waiver, which was granted in July 2019. 

Financial institutions are reporting that the waiver is utilized and that the option has been helpful.

There has not been much change in appraiser availability in the last year, and it appears wait times are still long throughout every section of North Dakota.  The financial institution regulators have issued numerous statements to address the COVID-19 pandemic, including encouraging financial institutions to work with borrowers, to provide borrowers with quick access to funds, and to provide borrowers with the ability to take advantage of equity in their real estate.  Therefore, it makes sense to keep the waiver in place since it provides much needed flexibility for financial institutions and borrowers, which will also help the economic recovery.  Due to the pandemic, collaboration work with the appraiser and financial institutions industries to determine possible solutions has been paused.  Therefore, we are asking for a two-year extension.

Attached is the application along with a letter of support from Representative Kelly Armstrong.  We thank Representative Armstrong for supporting our application.

Application to Extend Waiver          Letter of Support from Representative Armstrong


Notice of a Fraudulent Bank Purporting to Operate out of North Dakota

Wednesday, June 24, 2020 at 02:00 pm

We have been made aware of a fraudulent bank purporting to operate out of Fargo, North Dakota under the name of Fountain Bank.  This is not a North Dakota state- chartered bank.  The website and the physical address the fraudulent bank is using appears to be duplicates of a legitimate bank's website and address, but it is not in any way affiliated with a North Dakota state-chartered bank.


Consumer Guide on Mortgage Relief Options

Thursday, May 28, 2020 at 03:00 pm

To assist homeowners with federally-backed loans through the process of obtaining mortgage relief, the Conference of State Bank Supervisors (CSBS) and the Consumer Financial Protection Bureau (CFPB) today released a Consumer Relief Guide that discusses borrowers' rights to mortgage payment forbearance and foreclosure protection under the Federal CARES Act.  CFPB, CSBS, the Department of Financial Institutions, and all state regulators are committed to protecting Americans having financial hardship during the COVID-19 national health emergency. This consumer relief guide details what homeowners need to know to get the help they need, including a summary of borrowers' rights under the CARES Act, steps to access mortgage relief, and repayment options.  The website can be found here:  https://www.csbs.org/mortgage-relief-coronavirus; and a .pdf version of the guide can be found here:  https://www.csbs.org/system/files/2020-05/CSBS-CFPB_Consumers_Forbearance_Guide_May_2020_0.pdf

The Department maintains a list of regulatory and consumer links on our COVID-19 Resources page:  https://www.nd.gov/dfi/covid-19-resources

 


Stimulus Checks

Tuesday, April 21, 2020

The U.S. Secret Service and the U.S. Department of the Treasury issued a press release to inform citizens and consumers nationwide on ways to protect themselves against check fraud during these times. This announcement contains information that consumers and financial institutions can use to identify counterfeit U.S Treasury checks by knowing what to look for and where to look.”

 https://www.secretservice.gov/data/press/releases/2020/20-APR/Check-Security-Features-for-Economic-Impact-Payments.pdf


Revised Interagency Guidance on Loan Modifications

Tuesday, April 7, 2020 at 01:01 pm

Today, the federal banking agencies, the National Credit Union Administration (NCUA), and the Conference of State Bank Supervisors (CSBS) released a revised Interagency Statement on loan modifications.  The revised statement clarifies the interaction between the March 22, 2020, Interagency Statement and the temporary relief provided by Section 4013 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020.  A copy of the press release is here.  The Interagency Statement can be accessed here.

 


Commissioner Releases Statement Regarding Financial Industry Strength

Wednesday, March 25, 2020 at 05:00 pm

Today, Lise Kruse, the Commissioner of the North Dakota Department of Financial Institutions, issued a statement highlighting the strength and stability of the U.S. banking system.  In these times of uncertainty, consumers should know that our Department is working with federal regulators, fellow state regulators, and the financial institutions across North Dakota to manage the impact and recovery from the COVID-19 virus.  Commissioner Kruse's statement can be found here.


Regulators Address Troubled Debt Restructurings and Reporting Amid COVID-19

Sunday, March 22, 2020 at 12:00 pm

On March 22, 2020, Federal and State financial institution regulatory agencies issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications.  Click here for the press release discussing this guidance.


Temporary Branch Closings

Monday, March 16, 2020

As everyone strives to deal with the COVID-19 threat, some financial institutions may determine it necessary to close or reduce service hours at some of their branch locations.  These institutions are required to notify the Department of any reduction of hours and/or services.  Therefore, as the Department is notified, we will post all such notifications on this page:  https://www.nd.gov/dfi/temporary-branch-closings


Public Notice - Keeping Your Money Safe During Public Emergencies

Thursday, March 12, 2020

The North Dakota Department of Financial Institutions, the state agency responsible for regulating state chartered banks, credit unions, and non-depository institutions, would like to assure the public that the money you have in your financial institution is safe, even during public emergencies including pandemic concerns such as those related to the COVID-19 (Coronavirus). Financial institutions have plans in place to deal with situations such as this. You may notice reduced hours of operation, temporary branch location closures, or more interactions which are conducted digitally. These are all steps designed to limit risk and keep you and your money safe. Finally, please remember deposits in banks and credit unions are insured up to $250,000 by the federal government. <more>


Agricultural Lending During Periods of Economic Stress

Thursday, March 5, 2020 at 11:00 pm

During periods of economic stress, lenders may need to restructure existing operating, chattel, and real estate loans to address farm customers’ diminished repayment capacities and to avoid default situations.  Being proactive and addressing problems early is beneficial to all parties.  As you review your options for working with distressed borrowers, prudent underwriting and administration practices remain necessary.  <more>

 


Preparation for COVID-19 (Coronavirus) Response

Thursday, March 5, 2020 at 11:00 pm

The financial sector became well prepared to address a pandemic during 2007 when the Avian flu was a topic. Exercises were held that showed that while there would be significant impacts, the financial sector overall was able to continue to operate and cope with the impacts. Reviewing the material developed in 2007 reveals those preparation plans remain valid today.  <more>

 


North Dakota Receives Federal Waiver to Reduce Delays for Real Estate Appraisals

Wednesday, August 28, 2019 at 09:00 am

BISMARCK, N.D. (AUG. 26, 2019) – North Dakota recently became the first state in the nation to receive a federal waiver designed to help consumers by reducing wait times for real estate appraisals.

 

The North Dakota Department of Financial Institutions (DFI), North Dakota Bankers Association and Gov. Doug Burgum requested the waiver, seeking temporary relief for consumers as the state experiences a shortage of credentialed appraisers.  <more>


Temporary Waiver Request Published in the Federal Registry

Friday, May 31, 2019 at 08:00 am

The ASC has published in today’s Federal Register, a 30-day Notice for Comment for a Temporary Waiver Request from the State of North Dakota, the North Dakota Department of Financial Institutions and the North Dakota Bankers Association.  The comment period will close on July 1, 2019.  The Notice can be viewed hereComments can be viewed here by searching for Docket Number AS19-04.

 

Please give particular attention to the four questions at the end of the Notice. 


Department Issues Order on Former Credit Union Employee

Wednesday, May 1, 2019 at 02:00 pm

On March, 29, 2019, Commissioner Lise Kruse issued an Order suspending Charity Erickson, a former employee of Citizens Community Credit Union, 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


Temporary Waiver Request Response Letter Submitted to the Appraisal Subcommittee

Wednesday, April 10, 2019 at 03:30 pm

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.


Department Issues Letters to Non-Depositories on Law Changes

Wednesday, April 3, 2019 at 08:30 am

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.


Letter from Commissioner Kruse regarding the end of LIBOR

Tuesday, March 5, 2019 at 12:37 pm

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. 


Department Issues Order on Former Bank Employee

Tuesday, January 22, 2019 at 05:00 pm

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


Joint Statement on Sharing Resources to improve BSA Compliance

Monday, October 8, 2018 at 08:00 am

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. 


Civil Money Penalty Issued

Tuesday, August 7, 2018 at 08:30 am

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.


Proposed Administrative Rules Relating to State Chartered Credit Unions

Monday, August 6, 2018 at 01:30 pm

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. 

Click here to see the full hearing notice.

Click here to see the proposed Administrative Rules.


Appraisal Waiver Request Made to the FFIEC Appraisal Subcommittee

Thursday, August 2, 2018 at 03:00 pm

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.  

 

Click here to view the entire appraisal waiver application.


CECL: Are you preparing?

Tuesday, July 24, 2018 at 02:00 pm

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>


Department Issues Order on Former Employee of Deferred Presentment Service Provider

Thursday, June 21, 2018 at 12:00 pm

On June 13, 2018, Commissioner Lise Kruse issued an Order suspending/removing Darla Morstad, a former employee of DC Holdings LLC d/b/a Direct Check, from employment or otherwise participating in the affairs of any deferred presentment service provider, financial institution, credit union, or any other entity licensed by the 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


Department Issues Cease and Desist Order Against Minot Collection Agency

Thursday, May 10, 2018 at 04:00 pm

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.


North Dakota Joins in Agreement to Standardize Licensing Practices for Fintech Payments

Thursday, April 12, 2018 at 11:00 am

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

Monday, April 9, 2018 at 12:00 pm

Welcome to our new website.  We are hopeful it will be more user-friendly and informative. 


Industry Cybersecurity Tabletop Exercise Template

Thursday, March 29, 2018 at 12:00 pm

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: 

Tabletop Exercise Template


Lise Kruse named Commissioner

Monday, October 23, 2017 at 12:00 pm

Today, Governor Doug Burgum appointed Lise Kruse as the Commissioner of the Department of Financial Institutions.  Press Release


Department of Financial Institutions adopts SAFE MLO Test

Friday, March 22, 2013 at 12:00 pm

The North Dakota Department of Financial Institutions announced that it will adopt the new SAFE MLO National Test Component with Uniform State Content effective April 1, 2013.  View the Media Release for more information.


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