ALEXANDRIA, Va. (May 20, 2019) – National Credit Union Administration Board Chairman Rodney E. Hood today presented a federal credit union charter to the Otoe-Missouria Federal Credit Union in Red Rock, Oklahoma.
“I congratulate the tribal community for making their vision for this credit union a reality,” NCUA Board Chairman Rodney Hood said. “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.”
As the first federal credit union chartered in 2019, the Otoe-Missouria Federal Credit Union will serve the approximately 4,200 members and employees of the Otoe-Missouria Tribe as well as 17 tribal-owned businesses. Immediately after opening, the credit union plans to offer members:
- Regular shares
- Share draft accounts
- Money market accounts
- Share certificates
- Club accounts
- Auto loans
- Unsecured loans
- Share-secured loans
- Payroll deduction
- Home banking
Future planned services include debit cards, courtesy pay, mobile banking, and reloadable gift cards.
NCUA has designated Otoe-Missouria Federal Credit Union as 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 Otoe-Missouria Development Authority, established in 2006, is sponsoring the new credit union. The Authority serves all Otoe-Missouria Tribal members while assisting the Tribe to become self-sufficient in the operation and development of revenue sources to provide for the Tribe's present and future needs.