Otoe-Missouria Tribe receives Federal Credit Union Charter from NCUA
NCUA Chairman Rodney Hood (left) with Otoe-Missouria Chairman John Shotton stand in front of the new Otoe-Missouria Federal Credit Union. Chairman Hood presented the tribe with their federal charter at a ceremony on Monday, May 20, 2019.
RED ROCK, Okla. – The National Credit Union Administration granted a federal charter and Share Insurance Fund coverage to the Otoe-Missouria Federal Credit Union on Monday, May 20 at a special ceremony in Red Rock, Oklahoma.
The Charter was presented in-person by NCUA Board Chairman Rodney E. Hood who traveled from Washington D.C. to present the first charter of 2019 to the tribe. NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions and manages the National Credit Union Share Insurance Fund.
“I congratulate the tribal community for making their vision for this credit union a reality,” says Hood. “This charter supports the President’s plan to perpetuate economic growth and establishes greater opportunity and financial security for individuals and businesses by providing affordable services tailored to meeting the needs of the Otoe-Missouria Tribe, its employees, and its businesses.”
The Otoe-Missouria FCU will serve the employees and enrolled members of the Otoe-Missouria Tribe of Indians, located in Red Rock, Oklahoma, including 17 businesses owned by the Tribe. Their mission is to provide financial services tailored to meet the needs of the Otoe-Missouria Tribe of Indians, its employees and its businesses.
“Like most Native American communities, the Red Rock area has always been underbanked,” Otoe-Missouria Chairman John Shotton says. “Access to banking services and credit has been limited. This credit union will open those services to our people. It’s an exciting time.”
When the credit union opens in late summer, it will offer key financial services for its members, including regular shares, share draft accounts, money market accounts, certificates of deposit, club accounts, auto loans, unsecured loans, share secured loans, payroll deduction, and home banking. Future services planned include debit cards, courtesy pay, mobile banking, and reloadable gift cards.
OMFCU President & CEO Leilani Harpole welcomed the guests to the charter presentation ceremony and acknowledged the effort the tribe had made to achieve this success.
“This project has been a long-time coming and I am grateful to everyone who helped us achieve this goal,” Harpole says. “This credit union is the result of the tribe determining what they needed for their community, for their people and for their nation.”
Harpole says she expects to hire three employees to operate the first branch of the OMFCU, which will be located in the lobby area of the 7C Land & Cattle Steakhouse and 7 Clans Paradise Event Center in Red Rock.
NCUA has designated Otoe-Missouria FCU as a low-income credit union based on their potential membership. This special designation allows the credit union the ability to accept non-member deposits, obtain grants and loans from the Community Development Revolving Loan Fund, offer secondary capital accounts, and qualify for exemptions from statutory limits on member business lending. NCUA’s Office of Credit Union Resources and Expansion will provide ongoing assistance to the new credit union.
The Otoe-Missouria Development Authority, established in 2006, is sponsoring the new credit union. The mission of OMDA is to serve all Otoe-Missouria Tribal members while assisting the Tribe to become self-sufficient in the operation and development of revenue sources needed to provide for the Tribe's present and future needs.