Second 2015 Charter Will Strengthen the Seneca Community
ALEXANDRIA, Va. (May 15, 2015) – Seneca Nation of Indians Federal Credit Union today became the second new federally chartered credit union of 2015.
NCUA’s Office of Consumer Protection granted a multiple common-bond charter to Seneca Nation of Indians Federal Credit Union to serve employees and members of the Seneca Nation of Indians who qualify for membership in accordance with the Nation’s constitution as well as employees of several other organizations affiliated with the Nation.
“Our country’s Native Americans need better access to affordable financial services,” NCUA Board Chairman Debbie Matz said. “Seneca Nation of Indians Federal Credit Union is positioned to fulfill this role and to make investments that strengthen communities. The organizers want to provide access to a range of services while encouraging capital to stay local. I congratulate everyone involved and commend the hard work and commitment I know went into organizing the newest federal credit union.”
The credit union will be headquartered in Irving, New York, and expects to open in August. During its first year of operations, the credit union plans to open a main office and two part-time offices and provide the following services:
- regular shares,
- share certificates,
- share drafts,
- club accounts,
- overdraft protection,
- unsecured loans,
- share-secured loans,
- new vehicle loans,
- used vehicle loans,
- credit-building loans,
- debit cards,
- online banking,
- money orders,
- bill payments, and
- courtesy pay.
The Seneca Nation Council and executives committed capital for the credit union and are providing free office space for three branch locations. Established in 1848, the Seneca Nation of Indians has grown to a membership of more than 8,100. The Nation’s affiliated organizations employ more than 5,000 people, making them, collectively, one of the largest employers in western New York.
NCUA’s Office of Small Credit Union Initiatives provided guidance to the charter group throughout the chartering process and will continue to assist the new credit union.
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 account holders in all federal credit unions and the overwhelming majority of
state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.