ALEXANDRIA, Va.– Another federal credit union charter—the fourth of the year—has been granted by NCUA, along with NCUSIF insurance. The newest CU in the country is now The Morning Star Federal Credit Union in Lame Deer, Mont. Plans are to commence operations in 2023.
The credit union is supported by the People’s Partner for Community Development, a Native-led Community Development Financial Institution that offers a variety of services to the low-income area, according to the agency.
“It’s fitting that, during National Native American Heritage Month, we are chartering a credit union that will increase access to safe, fair, and affordable financial products in an underserved, primarily Native American community,” NCUA Chairman Todd M. Harper said. “With its charter now granted, The Morning Star Credit Union will help its members to build more secure financial futures. It gives me great satisfaction knowing the NCUA helped the organizers make this day possible.”
According to NCUA, The Morning Star FCU will be a low-income-designated credit union serving people who live, work, worship, or attend school in Big Horn and Rosebud counties in Montana. It will also serve those participating in programs to alleviate poverty or distress in the counties. The credit union will be headquartered at 509 Cheyenne Avenue, Lame Deer, on the Northern Cheyenne Indian Reservation.
Limited Services
“Currently, access to financial services in these counties is limited, so the credit union hopes to provide convenient quality services to the underserved and unbanked in these counties,” NCUA said.
During its first year of operations, The Morning Star FCU plans to focus on basic savings and lending services, including share accounts, share drafts, share certificates, money orders/cashier’s checks, direct deposit, unsecured loans, online access, debit cards and ATM access.