KYLE, S.D.–Lakota Federal Credit Union is literally rolling out services for the Pine Ridge Reservation with a “Rolling Rez” mobile facility. In partnership with First Peoples Fund and Lakota Funds, the credit union is offering its full suite of services one day a week on the mobile unit at various locations throughout the reservation as part of National Financial Literacy Month.
"This is a critical step that creates access to financial services where there once were none, and helps our people build brighter financial futures. The remoteness of the Reservation has always been a barrier – making it difficult for people to do simple things like banking – but now we are bringing our services to them," said Tawney Brunsch, chair of Lakota FCU, in a statement on the credit union’s website.
Lakota Federal Credit Union opened its doors in 2012, becoming the first federally insured depository institution on the Pine Ridge Reservation. It now has 2,400 members.
In a statement to Indian Country Today Media Network, Brunsch said another primary goal is to expand the CU’s membership base. Although it is open to anyone who lives, works, worships, volunteers, or attends school on the Pine Ridge Reservation, the majority of its members are located close to the credit union branch in Kyle.
The CU noted that in a survey conducted last summer it found that 31% of credit union members have a savings account for the first time, and 13% of members used a new financial product (such as direct deposit, online banking, certificate of deposit, or a loan) that they had never used before. The credit union is now encouraging members to use these products as tools to achieve their financial goals.
Within the next six months, Lakota FCU told Indian Country Today that it plans to add checking accounts to its list of products, something that members have not had access to previously.