Which entity licenses commercial banks in Minnesota?

In Minnesota, the entity responsible for licensing commercial banks is the Minnesota Department of Commerce. This department oversees various financial institutions within the state, ensuring compliance with state laws and regulations governing banking operations. The licensing process involves reviewing applications, assessing the financial stability of the institutions, and ensuring they meet the necessary capital requirements to operate safely and soundly.

The Minnesota Department of Commerce plays a crucial role in maintaining the integrity of the financial system in the state. It also monitors and regulates banks to protect consumers and promote a healthy economy. Other options, such as the Federal Reserve System, while important in regulating banks at a federal level, do not specifically issue licenses for commercial banks in Minnesota. The National Credit Union Administration focuses on credit unions, not commercial banks. Lastly, the State Treasury Department primarily deals with state financial management and public funds rather than licensing banks.