Regulatory Alerts2013-12-12
Added · Updated
North Dakota State Credit Union Board Order on Investment in CUSOs Providing Shared Branching Services
The North Dakota State Credit Union Board issued an order permitting state-chartered credit unions to invest in Credit Union Service Organizations that provide shared branching services. This authorization allows these credit unions to enter agreements with other credit unions or CUSOs to offer correspondent services, such as loan processing and ATM deposits, to enhance access for existing members. The order explicitly restricts the use of shared branches from expanding the credit union's field of membership beyond its current qualified members.
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