Minn. Dept. of Commerce Issues Assessment Letter for 2022

​In a letter to state chartered credit unions last week, the Minnesota Department of Commerce announced that it would continue to control the costs of regulation for another year and noted that prior year revenue was higher than expected. 

As such, credit unions should see a reduction in this year's assessment and the examination rate will remain consistent. The assessment for fiscal year 2022 is $421,000, down from $453,000 in 2021 and $518,000 in 2020. The examination fee for fiscal year 2022 is $87 per hour. 

State chartered credit unions should contact Marcia Lewis, Minnesota Department of Commerce Chief Examiner with questions.