Credit union based on the Northern Cheyenne Indian Reservation will hold a low-income designation and is the fourth de novo institution chartered this year.
The NCUA has granted a federal charter and Share Insurance Coverage to the Morning Star Federal Credit Union in Lame Deer, Montana.
The credit union, which will begin operations next year, is supported by the People’s Partner for Community Development, a Native-led CDFI that offers a variety of services to the low-income area.
“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 Harper said.
More About Morning Star Federal Credit Union
The credit union will be a low-income-designated financial institution and will serve 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 on the Northern Cheyenne Indian Reservation and, during its first year of operations, plans to focus on basic savings and lending services, including share and draft accounts, unsecured loans, debit cards and ATM access.
The Morning Star Federal Credit Union is the fourth de novo federal credit union chartered in 2022.