News

We have been made aware of a fraudulent bank purporting to operate out of Fargo, North Dakota under the name of Fountain Bank.  This is not a North Dakota state- chartered bank.  The website and the physical address the fraudulent bank is using appears to be duplicates of a legitimate bank's website and address, but it is not in any way affiliated with a North Dakota state-chartered bank.

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.

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. 

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. 

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>

The ASC has published in today’s Federal Register, a 30-day Notice for Comment for a Temporary Waiver Request from the State of North Dakota, the North Dakota Department of Financial Institutions and the North Dakota Bankers Association.  The comment period will close on July 1, 2019.  The public can view the notice online. Search for Docket Number AS19-04 to view the the comments.

Please give particular attention to the four questions at the end of the Notice. 

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. 

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.

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