The National Credit Union Administration has approved a new charter for Otoe-Missouria Federal Credit Union in Red Rock, Okla.
The institution is the first federal credit union chartered this year. It will serve roughly 4,200 members and employees of the Otoe-Missouria tribe in addition to 17 businesses that are owned by the tribe.
NCUA also designated the CU as a low-income credit union. Through this designation, the CU will have access to services from the Community Development Revolving Loan Fund, offer secondary capital accounts, accept non-member deposits and qualify for exemptions based on statutory limits on member business lending.
“I congratulate the tribal community for making their vision for this credit union a reality,” Rodney Hood, chairman of the NCUA board, said in a release on Monday.
The credit union plans to offer services ranging from share draft accounts to auto loans to share-secured loans. In the future, the CU is aiming to add products, including debit cards, mobile banking and reloadable gift cards.
“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," Hood said in the release.
