North Dakota State Credit Union Board Order on Receipt and Possession of Visa, Inc. Stock

Receipt and Possession of Stock in Visa, Inc. State of North Dakota before the North Dakota Credit Union Order (12/07/2007) This matter having come before the North Dakota State Credit Union Board on behalf of the North Dakota Department of Financial Institutions for an order determining that certain activities are incidental powers necessary to carry on the business of a credit union; and The North Dakota State Credit Union Board, having reviewed the supporting materials, and otherwise being fully advised of the issues, hereby makes the following ORDER pursuant to N.D.C.C. § 6-06-06(12): The receipt of stock from Visa, Inc. is a by-product of a permissible lending activity and necessary to carry on the business of a credit union, therefore the Board has deemed such activity to be an incidental power of credit unions, and a North Dakota state-chartered credit union may receive and hold the stock unless it is determined during an examination of an individual credit union that holding the stock is a safety and soundness issue for that individual credit union. Dated this 7th day of December, 2007. STATE CREDIT UNION BOARD Timothy J. Karsky, Chairman Signed on behalf of the State Credit Union Board pursuant to a duly approved Motion of the Board on December 7, 2007. ATTEST: Robert J. Entringer, Secretary

State of North Dakota before the North Dakota Credit Union Amended Order (12/07/2007) This matter having come before the North Dakota State Credit Union Board on behalf of the North Dakota Department of Financial Institutions for an order determining that certain activities are incidental powers necessary to carry on the business of a credit union; and The North Dakota State Credit Union Board, having reviewed the supporting materials, and otherwise being fully advised of the issues, hereby makes the following ORDER pursuant to N.D.C.C. § 6-06-06(12): The sale of loan participations to the Bank of North Dakota is an incidental power of credit unions and is necessary to carry on the business of a credit union: Dated this 7th day of December, 2007. STATE CREDIT UNION BOARD Timothy J. Karsky, Chairman Signed on behalf of the State Credit Union Board pursuant to a duly approved Motion of the Board on December 7, 2007. ATTEST: Robert J. Entringer, Secretary

State of North Dakota before the North Dakota Credit Union Amended Order (03/14/2003) This matter having come before the North Dakota State Credit Union Board on behalf of the North Dakota Department of Financial Institutions for an order determining that certain activities are incidental powers necessary to carry on the business of a credit union; and The North Dakota State Credit Union Board, having reviewed the supporting materials, and otherwise being fully advised of the issues, hereby makes the following ORDER pursuant to N.D.C.C. § 6-03-02(7): The sale of loan participations to the Bank of North Dakota is an incidental power of credit unions and is necessary to carry on the business of a credit union: Dated this 14th day of March, 2003. STATE CREDIT UNION BOARD

State of North Dakota before the North Dakota Credit Union Amended Order (07/19/2002) This matter having come before the North Dakota State Credit Union Board on the petition of the North Dakota Credit Union League for an order determining that certain activities are incidental powers necessary to carry on the business of a credit union; and The North Dakota State Credit Union Board, having reviewed the petitions and supporting materials, and otherwise being fully advised of the issues surrounding the petitions, hereby makes the following ORDER pursuant to N.D.C.C. § 6-03-02(7): The following activities are incidental powers of credit unions and are necessary to carry on the business of a credit union:

1. Disclosures of customer information as necessary to effect, administer, or enforce a transaction requested or authorized by the customer;
2. Disclosures of customer information in connection with servicing or processing a financial product or service requested or authorized by a customer, or maintaining or servicing a customer’s account with the financial institution, or with another entity as part of a private label credit card program or other extension of credit on behalf of such entity;
3. Disclosures of customer information in connection with a proposed or actual securitization, secondary market sale (including sales of servicing rights) or similar transaction related to the customer;
4. Disclosures of customer information in connection with bank efforts to protect the security or confidentiality of bank records or systems, or the customer, service or product reflected therein; for the purpose of protecting against or preventing fraud or potential fraud, unauthorized transactions, claims or other liability; for the purpose of responding to customer complaints or inquiries; for required institutional risk control; to persons holding a legal or beneficial interest relating to the customer; or to persons acting in a fiduciary or representative capacity on behalf of the customer.
5. Disclosures of information to financial institution rating agencies and persons assessing an institution’s compliance with industry standards;
6. Disclosures in connection with a proposed or actual sale, merger, transfer, or exchange of all or a portion of a business or business unit if the disclosure is limited to customers of the business or unit. Dated this 19th day of July, 2002. STATE CREDIT UNION BOARD