Regulatory Alerts2004-11-18
Added · Updated
State Banking Board: Investment in the Mountain Plains Equity Fund I, LP
The North Dakota State Banking Board approved state-chartered banks to invest in Mountain Plains Equity Fund I, LP under authority granted by North Dakota Century Code Section 6-03-47.2(2). This investment is limited to 10% of a bank's combined capital and surplus and targets low-income residential rental properties in Montana, North Dakota, and Wyoming. The Board clarifies that this approval signifies legal permissibility rather than endorsement, requiring banks to seek independent legal and tax advice while classifying the asset as other assets on Schedule RC-F.