Attorney General Wayne Stenehjem has issued an opinion clarifying the authority of the State Credit Union Board relating to certain types of acquisitions, sales, and mergers. 

He concluded that the State Credit Union Board: 1) may authorize a state credit union’s acquisition of certain bank assets and liabilities, provided such acquisition is permissible under the credit union’s charter and applicable state and federal law; 2) may not authorize a purchasing credit union to provide services to acquired former bank customers who reside outside the purchasing credit union’s field of membership; 3) may expand a purchasing credit union’s field of membership to include an additional 75 miles around a purchased bank’s former home office; 4) may approve a credit union merger into more than one continuing credit union; and 5) may authorize the sale of a credit union to a bank.

Read the opinion at: https://attorneygeneral.nd.gov/sites/ag/files/documents/Opinions/2020/Letter/2020-L-10.pdf