Regulatory Alerts2020-06-05
Added · Updated
North Dakota State Credit Union Board Order Granting Parity Authority for Share Payments
The North Dakota State Credit Union Board issued an order authorizing state-chartered credit unions to accept share payments from public units and nonmember credit unions to the same extent permitted for federal credit unions. The order imposes specific limitations, including a cap where such shares cannot exceed 50% of net paid-in and unimpaired capital and surplus or $3 million, whichever is greater. Additionally, boards must adopt written risk management plans for funds exceeding 70% of capital and surplus, while the granted authority remains strictly subordinate to federal credit union rules and NCUA interpretations.
More like this from NDDFI
We email you every new NDDFI publication the day it's published.
Topics
Share