RED ROCK, Okla.–Otoe-Missouria FCU here has been presented with a new federal credit union charter.
The credit union is the first to be chartered in 2019 and will serve the approximately 4,200 members and employees of the Otoe-Missouria Tribe, as well as 17 tribal-owned businesses. According to the tribe’s website, it operates two other financial services providers, American Web Loan and GreatPlains Funding.
As it launches, Otoe-Missouria FCU is offering a full slate of both deposit and loan products, as well as home banking. The new credit union also plans to offer debit cards, courtesy pay, mobile banking, and reloadable gift cards.
“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.”
NCUA said it has designated Otoe-Missouria Federal Credit Union as a low-income credit union, based on its potential membership, giving it 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, which was established in 2006, is sponsoring the new credit union.