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.
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