Bill > SF4444

This bill allows credit unions in Minnesota to obtain insurance for member accounts from either the National Credit Union Administration Board (NCUA), a federal agency that insures deposits in federally insured credit unions, or from a "credit union share insurance provider" that is approved by the commissioner of commerce. This means that in situations where a credit union faces financial trouble and needs a receiver appointed by the court, the NCUA or an approved private insurer can step in, similar to how the NCUA currently operates. The bill also clarifies that credit unions must maintain insurance for member accounts, either through the NCUA or an approved share guaranty corporation, and that they cannot voluntarily end this insurance without the commissioner's permission. It also establishes that these approved share guaranty corporations must guarantee accounts up to at least the amount of the share account, but not exceeding $250,000 or the amount insured by the NCUA, whichever is greater, and allows the commissioner to examine these corporations and charge them for the cost of such examinations.

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https://www.revisor.mn.gov/bills/94/2026/0/SF/4444/