NCUA Grants Charter to Tribal Credit Union

May 21, 2019Banks & Credit Unions, News, Tribal Sovereignty

The National Credit Union Administration (NCUA) announced yesterday that it had granted its first federal credit union (FCU) charter in 2019, presenting it to the Otoe-Missouria FCU in Red Rock, Oklahoma.

“I congratulate the tribal community for making their vision for this credit union a reality,” said NCUA Board Chairman Rodney Hood. “This charter supports the President’s plan to perpetuate economic growth and establishes greater opportunity and financial security for individuals and businesses by providing affordable services tailored to meeting the needs of the Otoe-Missouria Tribe, its employees, and its businesses.”

According to an NCUA press release, the Otoe-Missouria FCU will serve about 4,200 members and employees of the Otoe-Missouria Tribe in addition to 17 tribal-owned businesses. The new credit union plans to immediately offer a wide range of services, including the following:

  • Regular shares
  • Share draft accounts
  • Money market accounts
  • Share certificates
  • Club accounts
  • Auto loans
  • Unsecured loans
  • Share-secured loans
  • Payroll deduction
  • Home banking

The Otoe-Missouria FCU plans to also offer debit cards, courtesy pay, mobile banking, and reloadable gift cards in the near future.

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