This bill amends Minnesota Statutes to authorize credit unions to obtain insurance from approved credit union share insurance providers, in addition to the existing National Credit Union Administration (NCUA) insurance. Specifically, it modifies section 52.063 to allow the appointment of either the NCUA Board or an approved share insurance provider as a receiver for credit unions when necessary. Furthermore, it updates section 52.24 to require credit unions to maintain insurance for member share and deposit accounts either through the NCUA or an approved credit union share guaranty corporation.

Additionally, the bill introduces a new subdivision (1a) under section 52.24, which establishes guidelines for credit union share guaranty corporations, including the requirement that they guarantee member accounts up to a specified amount, not exceeding $250,000. It also grants the commissioner the authority to examine these guaranty corporations and assess them for examination costs. Lastly, it prohibits credit unions from voluntarily terminating their insurance with the NCUA or an approved guaranty corporation without prior approval from the commissioner.

Statutes affected:
Introduction: 52.063, 52.24