BISMARCK, N.D. — A little known North Dakota law adopted in March and enabling credit union-to-mutual bank conversions in two years has been added to the national conversion dialogue and lexicon.
The quirky measure, which takes effect Aug. 1 and which drew the support of the North Dakota Bankers Association and the reported backing of one Bismarck credit union, would permit state-chartered CUs to convert to a "savings & loan" by 2009.
One huge caveat, however, is that savings & loans are no longer authorized to operate since their existence was repealed in a separate law passed this session aimed at cleaning up outdated language.
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