Frequently Asked Questions - Credit Unions

We only regulate credit unions chartered by our Department.  However, credit unions can also be chartered by the National Credit Union Administration (NCUA).  If you are not sure whether your credit union is a state- or federally-chartered credit union, there are a few indicators in the credit union's name.  Many state-chartered credit unions have "State" in their corporate name, while a federally-chartered credit union will commonly have "Federal" in its corporate name, which would appear on your deposit statements or checks.  Refer to the Who We Regulate page of this website for a general description of which credit unions are supervised by our Department and the Credit Union Search page for a list of specific institutions which we regulate.

NCUA collects and makes financial information on credit unions available to the public.  Visit https://recent5300.ncua.gov/Views/GetUpdateCreditUnions.aspx

We  encourage you to contact your credit union.  The staff there should have a good understanding of their statements and should be in a better position to help.

The Department cannot act as your legal counsel.  We cannot intervene in legal disputes between you and credit union.  We may be able to encourage/facilitate communication between the parties, but once an issue has been turned over to legal counsel, the Department cannot get involved.  Before filing a complaint with the Department, we encourage you to first contact credit union management to try and resolve the dispute.

With some restrictions, credit unions can charge fees on both loan and deposit products.  Typically, the loan or deposit agreement which you signed at origination/account opening will outline the terms of the contract.

Unclaimed property is administered by the Unclaimed Property Division of the State Land Department, in accordance with North Dakota Century Code Section 47-30.1-17.  Their unclaimed property search page can be used to determine if you have any unclaimed property which has been transferred to the state.

If the credit card issuer is not a North Dakota state-chartered bank, you may file a complaint with the Consumer Financial Protection Bureau.

The Department has issued several Guidance Memos, which can be found here.  Additionally, the NCUA has issued Letters to Credit Unions, which can be found here.

Yes, Department staff are here as a resource.  We first encourage you to review the Department's Guidance Memos, which provide some useful guidance on a number of different topics.  If you still have a question, please contact us and we will try to answer your question where possible.

Yes, Department staff are here as a resource.  We first encourage you to review the NCUA's Examiner Guide as it provides some useful guidance on a number of different topics.  If you still have a questions, please contact us and we will try to answer your question where possible or put you in contact with someone at the NCUA who can answer it.

Yes, North Dakota Administrative Code 13-03-15 requires you to obtain prior State Credit Union Board approval before establishing a branch.

Unclaimed property is administered by the Unclaimed Property Division of the State Land Department, in accordance with North Dakota Century Code Section 47-30.1-17.  Their Holder Reporting Manual page includes guidance on dormancy periods and reporting requirements.

North Dakota Century Code 6-06-06 requires a current appraisal of the property to be conducted by an appraiser within 60 days of transfer to OREO, if the recorded real estate value is $100,000 or more.  If the recorded value is less than $100,000, a market evaluation may be performed in lieu of an appraisal.

According to North Dakota Century Code Section 6-06-06, the holding period for OREO is five years from the date of acquiring title.  A 'clean' title is generally obtained at the end of the redemption period if the property goes through a foreclosure process, or whenever full legal title is transferred to the credit union.  The statute provides the Commissioner authority to grant an extension to hold the property beyond five years.  An Extension Request form is available for credit unions to request approval to hold a property beyond five years.

No.  The borrower would need to reside in the field of membership to be a member.  Property/collateral location does not determine membership eligibility.  Residency determines eligibility for geographic fields of membership.

No.  According to North Dakota Century Code Section 21-04-09, financial institutions may only pledge securities on behalf of a public corporation.   A public corporation generally includes a county, city, township, school district, or entity whose funding is derived from taxation, fees, penalties, sales of bonds, or from any other source which belong to a public corporation or the state.

North Dakota Century Code Section 21-04-09 defines the securities which are eligible for pledging to public corporation deposits. 

Yes, staff of a credit union may telework with some limitations.  Your telework location cannot be held open to the public as a place of business.  You are not able to meet with members at this remote location without first applying for the location to be a branch.  The Credit Union and staff are expected to follow best business practices to safeguard both digital data and hard copy data.  Typically, this will include, in part, the use of VPN connections, encryption, firewalls, and locking file cabinets.