SAINT PAUL – Minnesota Department of Commerce Commissioner Steve Kelley clarified that financial institutions, including banks, credit unions and other related institutions are identified as critical sectors in the economy, and they will remain open, under Governor Tim Walz’s ‘Stay Home’ Executive Order 20-20.

“Governor Walz’s executive order makes clear that financial institutions play a key role in Minnesotans’ lives and that these businesses can and must remain open during this crisis,” said Commissioner Kelley. “Banks, credit unions and other financial institutions that handle our money provide essential services.”

“Bank customer and credit union members can have the peace of mind knowing their deposits are secured through the Federal Deposit Insurance Corporation (FDIC) for banks, and the National Credit Union Administration (NCUA) for Credit Unions,” added Commissioner Kelley. Both FDIC and NCUA provide federal insurance up to $250,000 per depositor per institution.

“While it is natural to worry about the safety of your money in uncertain times,” said Commissioner Kelley, “I hope Minnesotans will avoid making decisions based on panic or fear.”

Consumers are urged to work with their financial institution, bank or credit union on any financial concerns they may have, rather than withdrawing large amounts of cash. Money at home can be stolen, lost or damaged. However, money in a bank or credit union is secure.

With You Every Day

Wherever you are in Minnesota, the Department of Commerce is with you every day. Whether you’re filling up on gas, purchasing a home, working to reduce energy consumption or rebuilding after a disaster—we are with you, no matter what.

The Minnesota Department of Commerce oversees more than 20 regulated industries, ensuring that Minnesota businesses are strong and Minnesota consumers are protected. Our mission is to protect the public interest, advocate for Minnesota consumers, ensure a strong, competitive and fair marketplace, strengthen the state’s economic future and serve as a trusted public resource for consumers and businesses. Learn more at mn.gov/commerce

###

Media Contact:
Minnesota Department of Commerce
Brian Strub, Assistant Director of Communications
brian.strub@state.mn.us
651-539-1464.