News

On March, 29, 2019, Commissioner Lise Kruse issued an Order suspending Charity Erickson, a former employee of Citizens Community Credit Union, 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 may be viewed here: Order

The response to the request made by the Appraisal Subcommittee on September 7, 2018, for clarification and additional information to our August 1, 2018, submission has been issued.  Specifically, the request was for confirmation of the relief being sought is within the Appraisal Subcommittee's statutory authority, additional documentation of the scarcity of appraisers in markets throughout the State, and documentation relating to the significant delays caused by this scarcity. Governor Burgum, Commissioner Kruse, and the North Dakota Bankers Association have issued the response jointly. Click here to view the response.

Several changes have been made during North Dakota's 66th Legislative Session that impact non-depositories. Letters to the industries summarizing these changes can be found here for money brokers, here for money transmitters, here for collection agencies, and here for deferred presentment service providers.

The widely used reference rate known as the London Interbank Offered Rate (LIBOR) is scheduled to go out of existence.  Click here to read a letter from Commissioner Kruse regarding LIBOR and recommended actions to manage the transition. 

On January 15, 2019, Commissioner Lise Kruse issued an Order suspending Bobbi Miller, a former employee of Kirkwood Bank and Trust, 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 may be viewed here: Order

Federal agencies issue a joint statement on banks and credit unions sharing resources to improve efficiency and effectiveness of Bank Secrecy Act Compliance.  Click here to read the statement. 

On July 26, 2018, Commissioner Lise Kruse issued an Order imposing a $2,000.00 civil money penalty against Kirk Wullweber of Minot, North Dakota.  The Commissioner finds that Kirk Wullweber acted in willful violation of North Dakota law and a previously issued Departmental Order by engaging in unlicensed collection activity with a resident of North Dakota.  The party listed in this Order has been provided the opportunity to appeal the assessment pursuant to law.  A copy of the Order can be viewed here.

The State Credit Union Board will hold a public hearing to address proposed new rules and amendments to Title 13 of the North Dakota Administrative Code.  The hearing will be held on August 30, 2018 at 1:30 pm in the Conference Room of the Department of Financial Institutions at 2000 Schafer Street, Suite G, Bismarck, North Dakota. 

Click here to see the full hearing notice.

Click here to see the proposed Administrative Rules.

To help address the appraiser shortage in North Dakota, Governor Burgum, Commissioner Kruse, and the North Dakota Bankers Association have submitted a temporary waiver request for certain real estate appraiser requirements from the Federal Financial Institutions Examination Council's Appraisal Subcommittee.   Specifically, the request asks for an increase of the limit when an appraisal is required from $250,000 to $500,000 for residential real estate loans and from $500,000 to $1,000,000 for agriculture and business loans.  This will improve North Dakota citizens’ ability to obtain real estate mortgages in a timely and cost efficient manner and will provide another option for consumers.  

Click here to view the entire appraisal waiver application.

As most financial institutions are aware, the implementation date for the upcoming Current Expected Credit Losses (CECL) accounting standard continues to draw nearer.  Though the implementation date is still years away for most institutions, the new accounting standard will significantly change the methodology institutions use for estimating future credit losses.  To help regulators gauge each institution's CECL-readiness, Department examiners will be joining examiners from the Federal Reserve, the FDIC, and the NCUA in assessing each institution's progress during upcoming safety and soundness examinations. <more>