ALEXANDRIA, Va.—Seneca Nation of Indians FCU has been granted a charter by NCUA to serve its members and employees, as well as employees of several other organizations affiliated with the Nation.
Seneca Nations became the second new federally chartered credit union of 2015.
NCUA’s Office of Consumer Protection granted a multiple common-bond charter to the CU that will be based in Irving, N.Y., with one branch in Niagara Falls and another in Salamanca, N.Y., opened within the first two years of operation.
“Our country’s Native Americans need better access to affordable financial services,” NCUA Board Chairman Debbie Matz said in a release. “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.”
Stephen Scott, a member of Seneca Nation who wrote the CU’s business plan, said membership will be open to more than 8,100 registered Senecas and approximately 5,000 people employed by the nation’s casinos and other business holdings. The Nation’s affiliated organizations employ more than 5,000 people, making them, collectively, one of the largest employers in western New York.
The credit union expects to open in August, NCUA reported, offering a wide range of services, including CDs, auto loans, checking accounts, debit cards, credit-building loans and online banking. Initial plans do not include mortgages or credit cards.
The Seneca Nation Council and executives committed capital for the credit union and are providing free office space for three branch locations.
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.