News

To assist homeowners with federally-backed loans through the process of obtaining mortgage relief, the Conference of State Bank Supervisors (CSBS) and the Consumer Financial Protection Bureau (CFPB) today released a Consumer Relief Guide that discusses borrowers' rights to mortgage payment forbearance and foreclosure protection under the Federal CARES Act.  CFPB, CSBS, the Department of Financial Institutions, and all state regulators are committed to protecting Americans having financial hardship during the COVID-19 national health emergency. This consumer relief guide details what homeowners need to know to get the help they need, including a summary of borrowers' rights under the CARES Act, steps to access mortgage relief, and repayment options.  The website can be found here:  https://www.csbs.org/mortgage-relief-coronavirus; and a .pdf version of the guide can be found here:  https://www.csbs.org/system/files/2020-05/CSBS-CFPB_Consumers_Forbearance_Guide_May_2020_0.pdf

The Department maintains a list of regulatory and consumer links on our COVID-19 Resources page:  https://www.nd.gov/dfi/covid-19-resources

The U.S. Secret Service and the U.S. Department of the Treasury issued a press release to inform citizens and consumers nationwide on ways to protect themselves against check fraud during these times. This announcement contains information that consumers and financial institutions can use to identify counterfeit U.S Treasury checks by knowing what to look for and where to look.”

 https://www.secretservice.gov/data/press/releases/2020/20-APR/Check-Security-Features-for-Economic-Impact-Payments.pdf

Today, the federal banking agencies, the National Credit Union Administration (NCUA), and the Conference of State Bank Supervisors (CSBS) released a revised Interagency Statement on loan modifications.  The revised statement clarifies the interaction between the March 22, 2020, Interagency Statement and the temporary relief provided by Section 4013 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27, 2020.  A copy of the press release is here.  The Interagency Statement can be accessed here.

Today, Lise Kruse, the Commissioner of the North Dakota Department of Financial Institutions, issued a statement highlighting the strength and stability of the U.S. banking system.  In these times of uncertainty, consumers should know that our Department is working with federal regulators, fellow state regulators, and the financial institutions across North Dakota to manage the impact and recovery from the COVID-19 virus.  Commissioner Kruse's statement can be found here.

On March 22, 2020, Federal and State financial institution regulatory agencies issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications.  Click here for the press release discussing this guidance.

As everyone strives to deal with the COVID-19 threat, some financial institutions may determine it necessary to close or reduce service hours at some of their branch locations.  These institutions are required to notify the Department of any reduction of hours and/or services.  Therefore, as the Department is notified, we will post all such notifications on this page:  https://www.nd.gov/dfi/temporary-branch-closings

The North Dakota Department of Financial Institutions, the state agency responsible for regulating state chartered banks, credit unions, and non-depository institutions, would like to assure the public that the money you have in your financial institution is safe, even during public emergencies including pandemic concerns such as those related to the COVID-19 (Coronavirus). Financial institutions have plans in place to deal with situations such as this. You may notice reduced hours of operation, temporary branch location closures, or more interactions which are conducted digitally. These are all steps designed to limit risk and keep you and your money safe. Finally, please remember deposits in banks and credit unions are insured up to $250,000 by the federal government. <more>

During periods of economic stress, lenders may need to restructure existing operating, chattel, and real estate loans to address farm customers’ diminished repayment capacities and to avoid default situations.  Being proactive and addressing problems early is beneficial to all parties.  As you review your options for working with distressed borrowers, prudent underwriting and administration practices remain necessary.  <more>

The financial sector became well prepared to address a pandemic during 2007 when the Avian flu was a topic. Exercises were held that showed that while there would be significant impacts, the financial sector overall was able to continue to operate and cope with the impacts. Reviewing the material developed in 2007 reveals those preparation plans remain valid today.  <more>

BISMARCK, N.D. (AUG. 26, 2019) – North Dakota recently became the first state in the nation to receive a federal waiver designed to help consumers by reducing wait times for real estate appraisals.

The North Dakota Department of Financial Institutions (DFI), North Dakota Bankers Association and Gov. Doug Burgum requested the waiver, seeking temporary relief for consumers as the state experiences a shortage of credentialed appraisers.  <more>