Minnesota2026Passed Legislature
HF4118
Credit Union Insurance and Regulation Changes
Last scannedAug 22, 2026, 3:39 AM
In one sentence
This law allows Minnesota credit unions to get insurance from approved private share guaranty corporations instead of only federal agencies.
What it does
- Allows the state board to invest money in certificates of deposit insured by an approved credit union share guaranty corporation.
- Permits checkoff fees collected under specific laws to be held in accounts insured by these new corporations.
- Updates legal definitions so that 'insured depository financial institution' includes those with insurance from the new corporations.
- Creates a definition for an 'approved credit union share guaranty corporation' as one approved by the commissioner and compliant with state rules.
- Removes restrictions that previously limited deposits in out-of-state credit unions to only those insured by federal agencies.
Who it affects
- Credit unions operating under Minnesota law
- The State Board of Investment
- Approved credit union share guaranty corporations
- Organizations that collect checkoff fees
Limits and unknowns
- The text does not list specific requirements for how a corporation becomes 'approved' beyond general compliance.
- The effective date of this law is not provided in the source material.
- Details on fees or costs charged by these new insurance corporations are not included.
Plain language
Terms to know
- Share account
- A savings or deposit account held at a credit union.
- Approved credit union share guaranty corporation
- A corporation approved by the commissioner that insures share accounts in compliance with state law.
Official record
Sources
Official summary
Credit unions authorized to obtain insurance from a credit union share insurance provider, credit union share guaranty corporations regulated, and conforming changes made.
Official activity
Bill history
- Presented to Governor 04/28/2026House
- Presentment date 04/28/26Senate
- Returned from SenateHouse
- Special Order: Rule 45 amendment strickenSenate
- Comm report: Rule 45-amend, subst. General Orders SF4444Senate
- Received from HouseSenate
- Third readingHouse
- House rule 1.21, placed on Calendar for the Day Monday, April 13, 2026House
- Committee report, to adopt as amendedHouse
- Committee report, to adopt and re-refer to Commerce Finance and PolicyHouse
- Committee report, to adopt and re-refer to Ways and MeansHouse
- Author added AllenHouse
- Introduction and first reading, referred to Commerce Finance and PolicyHouse