Action Alert: Vote YES on SB 2266

Let’s protect financial choice for ALL North Dakotans. Please reach out to your senators today. It’s easy and takes just one minute to send a message. 

SB 2266 heads to the North Dakota Senate Industry & Business Committee TODAY – Tuesday, January 31 at 2:00 p.m. (CT).  PLEASE reach out to your Senators today! 

Credit Unions Need North Dakota Field of Membership (FOM) Modernization!
North Dakota state chartered credit unions operate under one of the strictest Field of Membership (FOM) statutes in the nation, particularly in comparison to federally chartered credit unions. As written, only those residing within 75 miles of a credit union’s home office, or similar radius of a branch, can be a member of an “open charter” ND credit union. Imagine that! Only 75 miles in one of the largest, most rural states in the country.

North Dakota credit unions seek to have similarity with federally chartered credit unions by allowing an individual to join if they work, or attend school in the community, in addition to the existing residing requirements. We are also looking to expand the radius to allow credit unions to serve more rural communities and banking deserts. To remain viable, stabilize their asset base and diversify their loan portfolio, small credit unions need to be able to expand their FOM and credit unions operating in dwindling population centers need to be able expand for safety and soundness.

To create a more equitable and inclusive financial system, the legislature must expand access to trusted, regulated, and proven financial partners. Credit unions stand ready to fill that role. It is time to modernize the North Dakota FOM statute to enhance credit unions’ ability to compete in an ever-changing financial service environment.

Urge your legislator to VOTE YES ON SB 2266!