Regulatory Alerts2020-06-05
Added · Updated
North Dakota State Credit Union Board Third Amended Order on Low Income Designation Parity
The North Dakota State Credit Union Board issued a Third Amended Order to authorize state-chartered credit unions with a low income designation to engage in activities permitted for federally chartered credit unions under the same designation. The order permits these institutions to accept share payments from public units, political subdivisions, and nonmember credit unions, subject to specific capital limits and risk management plan requirements. Additionally, the order allows for the acceptance of secondary capital from non-natural persons, provided it receives National Credit Union Administration approval and complies with applicable federal law.
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