Off the Record, On the Issues with John

DakCU Compliance Conclave registration closes tomorrow and the latest updates from the Bank of North Dakota!

By John Alexander, DakCU Director of Legislative & Regulatory Affairs

Time is Running Out!
Registration closes TOMORROW Friday, October 10 for the all-new DakCU Compliance Conclave, October 20–21 in Bismarck.
Designed specifically for credit union compliance professionals, this two-day event will deliver:

• Hands-on workshops (cybersecurity, AML, Reg E)
• Real-world compliance scenarios (CTR, SAR)
• Industry updates on lending, payments, and risk
• Expert guidance from Crystal Streeper, ViClarity

 
This is a must-attend training to equip your compliance leaders with tools to strengthen protections, reduce risk, and safeguard your credit union’s reputation in today’s fast-changing environment.
 
Register by TOMORROW, October 10 to secure your spot!
 
And don’t forget the ND DFI Credit Union Summit follows on October 22, offering a unique forum to connect with regulators and industry leaders.
 
Bank of North Dakota
The state-owned Bank of North Dakota plans to launch “Roughrider coin,” a U.S.-dollar-backed stablecoin built with Fiserv to speed bank-to-bank transfers. A pilot with local banks and credit unions is targeted for 2026, pending Industrial Commission approval; consumer impact would be minimal at first as use is largely back-end. The move follows new federal stablecoin rules under the Genius Act. Read more here.

Bank of North Dakota Developing New Ag Loan Assistance Program
The Bank of North Dakota is preparing a new loan relief program to help farmers and ranchers facing financial strain from low commodity prices, high interest rates, and inflation. Bank President Don Morgan told the North Dakota Industrial Commission that the program will be modeled after a successful 2019 initiative that allowed financial institutions to restructure ag debt at below-market rates.
 
Details are still being finalized, with plans to present the program for approval later this year so it can launch ahead of the 2026 ag loan renewal season. Gov. Kelly Armstrong and Agriculture Commissioner Doug Goehring noted that potential federal or state legislative action could complement the bank’s efforts.
 
National Defense Authorization Act
The National Defense Authorization Act (NDAA) remains stalled in the Senate, as lawmakers consider moving directly to informal negotiations with the House on the FY 2026 defense bill. Congress faces a year-end deadline to reconcile differences between the two versions of the traditionally must-pass legislation, which has been enacted annually for more than six decades. Similar to last year, the Senate may move to conference without formally adopting its version of the NDAA, instead utilizing a manager’s amendment as the “base text” for informal conference negotiations.
 
Legislative action this week

• The House is not in session; scheduled hearings are canceled. The Senate is in session with government funding taking priority.
• Oct. 13 is a federal holiday; the Senate is currently scheduled to be out next week.

 
Stay Connected
For more information or to share your perspectives, feel free to contact me.