Credit unions can insure accounts through credit union share guaranty corporation

Credit unions will be allowed to insure accounts through an approved credit union guaranty corporation instead of only through the National Credit Union Administration.

The corporation must be in compliance with Minnesota Statute Section 52.24 subd. 1a and be approved by the Department of Commerce.

The law makes technical changes in references to credit unions, financial institutions and federally insured finance institutions to add credit union guaranty corporations as an approved type of insurer.

Sponsored by Rep. Carlie Kotyza-Witthuhn (DFL-Eden Prairie) and Sen. Nick Frentz (DFL-North Mankato), it takes effect Aug. 1, 2026.

HF4118*/SF4444/CH56

HF4118* / SF4444 / CH56