News

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

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

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

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.

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.

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. 

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>

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>

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>

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