You are correct, and I should've said FDIC-like insurance. My mistake. CU's are better in many ways, but the centralized control by nat'l regulators outside the institution is a real issue, and one that the ND bank doesn't have.
States have a lot of power that they don't use. Chartering banks, without outsourcing the rules and reserve requirements to the feds, is just one of them.
You are correct, and I should've said FDIC-like insurance. My mistake. CU's are better in many ways, but the centralized control by nat'l regulators outside the institution is a real issue, and one that the ND bank doesn't have.
States have a lot of power that they don't use. Chartering banks, without outsourcing the rules and reserve requirements to the feds, is just one of them.