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Committee backs bill to restore state cooperative/mutual bank charter option
Summary
The Appropriations Government Operations Division voted to advance House Bill 1507 to reestablish a state cooperative (mutual) bank charter, restoring an option repealed in 2007 and giving a member‑owned financial institution a state‑charter pathway.
The Appropriations Government Operations Division voted to advance House Bill 1507, which would reestablish a state cooperative (mutual) bank charter. Supporters said the statute restores a charter option that existed prior to a 2007 repeal and would give a member‑owned institution a state‑charter alternative.
Rick Kleiberg of the North Dakota Bankers Association told the committee the bill reintroduces a cooperative/mutual charter so a member‑owned financial institution that currently can only take a federal…
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