News

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

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 publish proposed Administrate Rules.  These can be found here: NDAC Proposed Rules  Full Notice

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

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