REGULATING AGENCY: North Dakota Department of Financial Institutions
- Lise Kruse, Commissioner
- Corey Krebs, Assistant Commissioner
- Website: nd.gov/dfi
LEAGUE: Dakota Credit Union Association
- Jeff Olson, President/CEO
- Website: dakcu.org
PRIVATE SHARE INSURANCE: No
- Largest SCU: FIRST COMMUNITY CU $1.24B in assets
- Largest FCU: ASPIRE COMMUNITY FCU $162.4M in assets
|Second Quarter 2023||SCUs||FCUs||Total CUs||% of SCUs/Total|
|Total Credit Unions||18||13||31||58.06%|
|Credit Union Members||190,772||25,913||216,685||88.04%|
|Credit Union Assets||$4.78B||$453M||$5.24B||91.35%|
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.
April 21, 2023 – Twenty-five North Dakota credit unions sued the NCUA for allegedly failing to pay them millions in recovered assets of Midwest Corporate Federal Credit Union, which was dissolved in 2011 following the financial crisis.
The civil lawsuit, filed in U.S. District Court in Kansas City, Kan., on April 10, claimed that when Midwest Corporate was dissolved, its remaining assets became the property of the credit unions, and that the NCUA wrongfully denied payment of their share of those assets.
A spokesperson for the NCUA said the federal agency does not comment on pending litigation.
Over the last two years, however, the Dakotas Credit Union Association has repeatedly attempted to resolve this dispute with the NCUA. In letters to the DCUA, filed as exhibits with the lawsuit, the federal agency refused to pay the credit unions because of a technicality. The NCUA said because Midwest Corporate no longer existed, Midwest Corporate and its credit union members were not eligible to receive a distribution of the funds…
Click here to take a look at the stories that have been collected over the years in North Dakota.
What’s new in your state?
Click here to submit your state-chartered credit union news stories to NASCUS today!