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Committee hears bill to restore cooperative (mutual) financial institution charter option
Summary
House Bill 1507 would reintroduce a state cooperative financial institution (mutual) charter option that previously existed in North Dakota law. The Department of Financial Institutions and industry groups largely supported adding the option; the Secretary of State flagged a $47,000 systems update cost for state filings.
The Industry, Business and Labor Committee heard testimony on House Bill 1507, which would create a cooperative financial institution charter in state law — a mutual, member‑owned bank structure that previously existed in North Dakota until an outdated provision was repealed in the 2000s. The bill’s sponsors and the Department of Financial Institutions argued restoring the charter provides state‑level charter choice, preserves states’ rights in banking regulation and offers an additional option for institutions considering conversion from federal to state charters.
Deputy Commissioner Corey…
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