The first federal credit union chartered in 2019 is now on the books, according to the federal regulator of the financial cooperatives, with service anticipated to 4,200 members and a variety of small businesses related to the institution’s sponsor, the Otoe-Missouria Development Authority in Oklahoma.
The National Credit Union Administration (NCUA) said Monday it had chartered the Otoe-Missouria Federal Credit Union in Red Rock, Okla., which will serve members of the tribe and its employees. The agency said the new credit union will also serve 17 tribal-owned businesses.
The credit union regulator also announced that the new credit union is designated a low-income credit union, based on its potential membership. “This designation gives the credit union the ability to accept non-member deposits, obtain grants and loans from the Community Development Revolving Loan Fund, offer secondary capital accounts, and qualify for exemptions from statutory limits on member business lending,” the agency said.
The Otoe-Missouria Development Authority, NCUA said, serves all Otoe-Missouria Tribal members. NCUA said the authority also assists the tribe in becoming self-sufficient in the operation and development of revenue sources to provide for the tribe’s present and future needs.
According to the 2018 NCUA Annual Report, the agency chartered one federal credit union that year as well.