North Dakota

REGULATING AGENCY: North Dakota Department of Financial Institutions

North Dakota State Capitol

  • Lise Kruse, Commissioner
  • Corey Krebs, Assistant Commissioner
  • Website: nd.gov/dfi

ACCREDITED: 2000

LEAGUE: Dakota Credit Union Association

  • Jeff Olson, President/CEO
  • Website: dakcu.org

PRIVATE SHARE INSURANCE: No


2022 STATS 
  • Largest SCU:  FIRST COMMUNITY CU $1.1B in assets
  • Largest FCU: ASPIRE COMMUNITY FCU $162M in assets
Second Quarter 2022 SCUs FCUs Total CUs % of SCUs/Total
Total Credit Unions 19 13 32 59%
Credit Union Members 187,307 25,366 212,673 88%
Credit Union Assets $4.6B $465M  $5.1B 91%

FUN FACT

Founded in 1978 Fort Berthold Community College is a tribally chartered college located on the Fort Berthold Indian Reservation near the town of New Town.


RECENT NEWS
Resolution; Senators Send Letter to NCUA

Courtesy of CUToday.info

Aug. 29, 2022 — North Dakota’s credit unions say NCUA is withholding more than $10 million owed them as part of the resolution of the failed corporate credit unions, and the state’s two senators are also pressing the agency to return the funds.

Olson jeff

Jeff Olson

The Dakota Credit Union Association says the funds are being withheld over a “technicality” being cited by NCUA, with DCUA President/CEO Jeff Olson saying the agency has “arbitrarily decided to confiscate these assets from everyday North Dakotans…”

Moreover, Olson is raising questions over other statements made by NCUA and actions it took related to North Dakota’s state regulatory agency.
At the heart of the issue is the former Midwest Corporate Credit Union, which began its life as North Dakota Central CU in 1942.


The Background

In their letter to NCUA, North Dakota Sens. Kevin Cramer and John Hoeven stated that prior to the financial collapse in 2008–2009, the largest corporate credit union in the United States U.S. Central Federal Credit Union (U.S. Central), which provided services to other corporate credit unions, including Midwest Corporate, acting as a “corporate credit union’s credit union.” In early 2009, in response to investment losses incurred at U.S. Central, NCUA implemented the Corporate Stabilization Program and placed U.S. Central into conservatorship, the letter states.

READ MORE


STORY ARCHIVE

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