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Committee Advances Bill Letting Mutual Banks Choose North Dakota State Charter
Summary
House Bill 1507 would restore a state charter option for mutual/cooperative banks; the Industry and Business Committee voted 5-0 to give the bill a due-pass recommendation to Appropriations.
Corey Krebs, assistant commissioner at the North Dakota Department of Financial Institutions, told the Industry and Business Committee that House Bill 1507 would create a state charter for cooperative financial institutions and update Title 6 of the North Dakota Century Code to allow state regulation where appropriate.
"This bill creates a type of charter," Corey Krebs said, describing a structure aimed at giving mutually owned banks a state-charter choice last available in North Dakota before 2007. Krebs said the change is intended to preserve dual state-federal chartering options and "create an element of competition" between state…
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