Northern Eagle Federal Credit Union Will Bring Much-Needed Financial Services to Minnesota’s Bois Forte Chippewa Community
ALEXANDRIA, Va. (Oct. 10, 2013) – The National Credit Union Administration (NCUA) today announced the approval of the first new federal credit union charter of 2013. Northern Eagle Federal Credit Union, a multiple common-bond credit union, will serve the approximately 4,900 people who are members or employees of the Bois Forte Band of Chippewa, along with employees of related select occupational groups.
“Every American deserves access to affordable financial services, but many Native Americans unfortunately lack access to federally insured financial services providers or only have access to predatory lenders,” said NCUA Board Chairman Debbie Matz. “The chartering of Northern Eagle Federal Credit Union addresses a real need. The credit union has the potential to play an important role in improving the lives and financial well-being of Northern Minnesota’s Chippewa communities. I commend the individuals who worked so hard to establish this Native American credit union.”
Northern Eagle expects to open in December 2013 and will be headquartered in Nett Lake, Minn. During its first year of operations, the credit union plans to offer:
- regular shares,
- share drafts,
- share certificates,
- club accounts,
- non-member deposits,
- unsecured loans,
- credit repair loans,
- anti-predatory loans,
- share secured loans,
- auto loans,
- other secured loans,
- prepaid debit cards,
- money orders,
- cashier checks, and
- direct deposit.
To reach a geographically dispersed field of membership, Northern Eagle plans to offer online banking. Adult and youth financial literacy education will be an important part of the credit union’s strategic plan.
Northern Eagle has also received a low-income credit union designation from NCUA. This designation allows the credit union to accept non-member deposits, obtain grants and loans from the Community Development Revolving Loan Fund, offer secondary capital accounts and qualify for certain exemptions from statutory limits on member business lending.
Staff from NCUA’s Office of Small Credit Union Initiatives worked with the sponsoring Boise Forte Band of Chippewa Reservation Tribal Council during the chartering process to develop business plans and establish financial projections for the credit union. NCUA will continue to provide assistance as Northern Eagle begins operation.
The Bois Forte Band of Chippewa Reservation Tribal Council is sponsoring this credit union and will have full responsibility for the delivery of all government programs and services to its people. The Council has created several organizations under its jurisdiction, including the Bois Forte Development Corporation, which is responsible for operating several organizations on behalf of the Band, including a casino, hotel, golf course and radio station.
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than
98 million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.