It’s Annual Report is made to the ND state “Industrial Commission. ” And… “The North Dakota Department of Financial Institutions provides audit oversight to Bank of North Dakota, but has no regulatory authority over BND.”
And… “BND is not FDIC Insured:
In contrast to most commercial banks, BND is not a member of the Federal Deposit Insurance Corporation (FDIC). North Dakota Century Code 6-09-10 provides that all BND deposits are guaranteed by the full faith and credit of the State of North Dakota.
Minneapolis Federal Reserve Bank:
BND has a business relationship with the Minneapolis Federal Reserve Bank. We do check processing, deposit excess cash balances, maintain a reserve requirement, safe keep all our Fed book entry securities and have discount window borrowing authority.
This BND internal reference also seems operative to answer the pertinent question: “BND has a robust internal audit department to ensure compliance with federal banking regulations and employs an aggressive external audit schedule as well.”
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