News

BISMARCK, N.D. – The North Dakota Department of Financial Institutions (DFI) has issued a cease and desist order against Bankers Healthcare Group LLC doing business as BHG Financial LLC (BHG) for conducting unlicensed activities in the state, engaging in deceptive practices in interactions with customers, and other activity contrary to North Dakota Century Code chapter 13-04.1. DFI also has imposed civil money penalties against the company and denied its money broker license application.

A copy of the order can be found here. 

BISMARCK, N.D. – The North Dakota Department of Financial Institutions (DFI) has reached a final agreement with money transmitter Sigue Corp. for failing to fulfill its obligations to customers during its collapse last year. 

A copy of the order can be found here. 

Jan Murtha appointed deputy of non-depositories at North Dakota Department of Financial Institutions

BISMARCK, N.D. – The North Dakota Department of Financial Institutions (DFI) is pleased to announce the appointment of Jan Murtha as the deputy of non-depositories, effective today, Feb. 3.

BISMARCK, N.D. –  The North Dakota Department of Financial Institutions and 48 state financial regulatory agencies have taken coordinated action against Block Inc. for violations of Bank Secrecy Act (BSA) and anti-money laundering (AML) laws that safeguard the financial system from illicit use. A copy of the order can be found here: Order

State bank supervisors have appointed North Dakota Department of Financial Institutions Commissioner Lise Kruse to serve as the state banking representative on the Financial Stability Oversight Council (FSOC), effective Jan. 1, 2025. 

Washington, D.C.— The North Dakota Department of Financial Institutions and 52 state financial regulatory agencies have taken coordinated action against mortgage company Bayview Asset Management LLC, and three of its affiliates, Lakeview Loan Servicing, Community Loan Servicing, and Pingora Holdings (collectively the Bayview Companies), for deficient cybersecurity practices and for not fully cooperating with state regulators following a data breach that impacted 5.8 million customers.

The 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

The 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. 

A copy of the order can be found here.  

The 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.

BISMARCK, 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.