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

This bill allows Minnesota credit unions to obtain insurance for member accounts from approved credit union share guaranty corporations in addition to the existing National Credit Union Administration program. It requires credit unions to maintain insurance coverage for share and deposit accounts, mandating that they either dissolve or merge if they fail to secure such protection. The legislation also establishes oversight powers for the commissioner of commerce, including the authority to examine guaranty corporations and assess reasonable examination costs, while prohibiting credit unions from voluntarily switching their insurance coverage without regulatory approval. Additionally, the bill expands the circumstances under which a credit union can be placed under receivership by allowing an approved share insurance provider to serve as receiver alongside the National Credit Union Administration Board.