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.
Collection Agencies / Debt-Settlement Service Providers / Deferred Presentment (Payday) Service Providers / Money Brokers / Money Transmitters / Mortgage Loan Originators / Mortgage Loan Servicers
Banks, Credit Unions, and Trust Companies can access the online portal to pay assessments, submit applications, and submit correspondence
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Recent News
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Order of Suspension of Allan Eichhorn
Wednesday, November 13, 2024
Categories: OrderThe Commissioner of the Department of Financial Institutions has issued an Order suspending Allan Eichhorn, a former employee of loanDepot.com, LLC, 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: Order
NDDFI joined other state regulators in taking collective action against Plutus Financial, Inc., Abra Trading, LLC, Plutus Financial Holdings, Inc., Plutus Lending, LLC (collectively known as “Abra”), and CEO and largest equity owner William “Bill” Barhydt
Wednesday, June 26, 2024
Categories: NewsThe Department of Financial Institutions joined other state financial regulatory agencies in taking collective action against Plutus Financial, Inc., Abra Trading, LLC, Plutus Financial Holdings, Inc., Plutus Lending, LLC (collectively known as “Abra”), and CEO and largest equity owner William “Bill” Barhydt for operating a cryptocurrency company without receiving the required state licensing.
A multistate investigation found that Abra operated a mobile application for buying, selling, trading, and investing in cryptocurrency without obtaining the required licenses. Under the settlement, Abra agreed to cease accepting virtual asset allocations from U.S. Abra Trade Account customers into their products and services and cease making, buying, selling, or trading cryptocurrencies available to U.S. Abra Trade customers as of June 15, 2023. The settlement terms require Abra to refund any remaining virtual assets on its platform for U.S. Abra Trade customers in the settling states.
Revocation Notice of BAM Trading Services Inc. d/b/a BinanceUS
Monday, June 17, 2024
Categories: News, OrderThe Commissioner of the North Dakota Department of Financial Institutions has revoked the money transmitter license of BAM Trading Services, Inc. doing business as Binace.US. Money transmission activity includes receiving money or crypto currency to send to a location within or outside 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 13-09.1.
The Commissioner has found that BAM Trading Services, Inc. has failed to comply with North Dakota laws. Additionally, majority beneficial owner and control person, Changpeng Zhao, has plead guilty to felony charges for violating the U.S. anti-money laundering laws.
North Dakota joins Alaska, Florida, Maine, North Carolina, and Oregon who have taken similar actions to revoke or deny the renewal of BAM Trading Services’ Money Transmission License. A copy of the order can be found here.
NDDFI joins the Governor, Agency Leaders in an effort to become the most financially literate state
Thursday, April 25, 2024 at 02:35 pm
Categories: NewsBISMARCK, N.D. – Gov. Doug Burgum was joined by leaders of 11 state agencies on April 2, 2024, to kick off Financial Literacy Month in North Dakota and share a new resource available to all North Dakotans, SmartwithMyMoney.nd.gov, to improve financial literacy.
Upcoming Events
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Regular State Credit Union Board Meeting
Friday, December 6, 2024 at 09:30 am
Categories: State Credit Union BoardSpecial State Banking Board Meeting
Friday, December 6, 2024 at 01:00 pm
Categories: State Banking Board