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Tag: R.Helm

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Category: All Questions
Tags: cities, R.Helm

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Category: All Questions
Tag: R.Helm
  • 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.”

  • 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.

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    It looks like there’s been a positive update in California on cannabis banking. The CA Legislature passed a bill that would allow for state chartered cannabis banks. Previously, the State Treasurer had recommended public banks NOt be allowed to accept business from cannabis businesses. Gavin Newsom approved the change allowing it this past September.

    http://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200SB

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    Notes - Representatives (1)

    Tag: R.Helm
    QUESTIONS:
    Who oversees BND (regulatory agency?)
    What other colleagues are interested? Who else is taking the lead?
    Where does the Treasurer Reed stand on this? (would sway his opinion)
    Where does Beaverton stand on this?
    Affordable housing initiatives efforts have been tough…
    related to COVID impact on opppurtunity zones

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