A new credit union in Montana serving primarily native Americans is now chartered, the federal credit union regulator said Monday.
According to the National Credit Union Administration (NCUA), The Morning Star Federal Credit Union (FCU), based in Lame Deer, Mont., officially chartered Nov. 18, will serve low-income areas across two counties in the Treasure State. The agency said the new credit union, which is expected to start operations next year, will serve people who live, work, worship, or attend school in Big Horn and Rosebud counties in Montana. Lame Deer is in the Northern Cheyenne Indian Reservation.
Savings in the new credit union, as with all FCUs, will be insured by the National Credit Union Share Insurance Fund (NCUSIF), the fund operated by NCUA and funded by federally insured credit unions.
The credit union is supported by the People’s Partner for Community Development, a Native-led community development financial institution (CDFI) that offers a variety of services to the low-income area within which the credit union is located.
The agency said the new credit union will focus on basic lending and savings services during its first year of operation. Those services include savings and checking (share draft) accounts, certificates of deposit (share certificates), direct deposit, unsecured loans, online access, debit cards and ATM access.
NCUA said The Morning Star is the fourth new FCU it has chartered in 2022.