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MinnesotaHF 411894th Legislature, 2025-2026HouseWALLET

Credit unions authorized to obtain insurance from a credit union share insurance provider, credit union share guaranty corporations regulated, and conforming changes made.

Sponsored By: Carlie Kotyza-Witthuhn (Democratic)

Became Law

Commerce Finance and PolicyRules and Administration for comparison with SF4444

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 0 costs, 2 mixed.

More receivers for troubled credit unions

At the commerce commissioner's request, a court can appoint the federal credit union insurance board or an approved share insurance provider as receiver. A receiver takes control of a troubled credit union. The credit union must have deposits insured at least partly by one of those sources. Its operations must be suspended, or it must have agreed to a cease-and-desist order instead of suspension. The receiver must accept the appointment, serves without bond, and receives receiver powers under Minnesota law and the Federal Credit Union Act.

Credit union guarantors face oversight costs

Minnesota's commerce commissioner can examine share guaranty corporations that insure member accounts at covered credit unions. The commissioner can charge the examined corporation for reasonable examination costs. That money goes into the financial institutions account within the state's special revenue fund. The charge falls on the corporation, not directly on account holders.

Credit unions gain insurance options and limits

Minnesota credit unions under state supervision must insure member shares and deposits through federal insurance or an approved share guaranty corporation. They need an insurance commitment for a certificate of approval; without required coverage, they must dissolve or merge with an insured credit union. They need the commerce commissioner's approval before voluntarily ending either type of insurance. At participating credit unions, guaranty corporations set coverage amounts for share accounts held by individual members and nonmembers. The primary guarantee must at least equal the account amount, but cannot exceed the greater of $250,000 or the National Credit Union Administration's primary insured amount.

Sponsors & Cosponsors

Sponsor

  • Carlie Kotyza-Witthuhn

    Democratic • House

Cosponsors

  • Keith Allen

    Republican • House

  • Frentz

    Affiliation unavailable

Roll Call Votes

All Roll Calls

Yes: 206 • No: 58

Senate vote • 4/21/2026

Third Reading

Yes: 51 • No: 15

Senate vote • 4/21/2026

Amendment: Rasmusson (A-2) amendment

Yes: 24 • No: 41

House vote • 4/13/2026

Passage

Yes: 131 • No: 2

Actions Timeline

  1. Secretary of State Chapter 56

    4/29/2026Senate

  2. Governor's action Approval

    4/29/2026Senate

  3. Presentment date

    4/28/2026Senate

  4. Returned from Senate

    4/22/2026House

  5. Third reading Passed vote: 51-15

    4/21/2026Senate

  6. Special Order: Rule 45 amendment strickena

    4/21/2026Senate

  7. Second reading

    4/15/2026Senate

  8. Comm report: Rule 45-amend, subst. General Orders SF4444a

    4/15/2026Senate

  9. Referred to Rules and Administration for comparison with SF4444, now on General Orders

    4/14/2026Senate

  10. Introduction and first reading

    4/14/2026Senate

  11. Received from House

    4/14/2026Senate

  12. Bill was passed vote: 131-2

    4/13/2026House

  13. Third reading

    4/13/2026House

  14. House rule 1.21, placed on Calendar for the Day Monday, April 13, 2026

    4/9/2026House

  15. Second reading

    4/7/2026House

  16. Committee report, to adopt as amendeda

    4/7/2026House

  17. Committee report, to adopt and re-refer to Commerce Finance and Policy

    3/25/2026House

  18. Committee report, to adopt and re-refer to Ways and Means

    3/16/2026House

  19. Author added Allen

    3/12/2026House

  20. Introduction and first reading, referred to Commerce Finance and Policy

    3/9/2026House

Bill Text

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