NCUA charters The Morning Star Federal Credit Union
Credit Union Will Focus on Serving Low-Income Areas in Two Montana Counties
ALEXANDRIA, VA (November 28, 2022) — The National Credit Union Administration has granted a federal charter and Share Insurance Fund coverage to The Morning Star Federal Credit Union in Lame Deer, Montana.
“It’s fitting that, during National Native American Heritage Month, we are chartering a credit union that will increase access to safe, fair, and affordable financial products in an underserved, primarily Native American community,” NCUA Chairman Todd M. Harper said. “With its charter now granted, The Morning Star Credit Union will help its members to build more secure financial futures. It gives me great satisfaction knowing the NCUA helped the organizers make this day possible.”
The credit union is supported by the People’s Partner for Community Development, a Native-led Community Development Financial Institution that offers a variety of services to this low-income area.
The Morning Star Federal Credit Union will be a low-income-designated credit union serving people who live, work, worship, or attend school in Big Horn and Rosebud counties in Montana. It will also serve those participating in programs to alleviate poverty or distress in the counties. The credit union will be headquartered at 509 Cheyenne Avenue, Lame Deer, on the Northern Cheyenne Indian Reservation. Currently, access to financial services in these counties is limited, so the credit union hopes to provide convenient quality services to the underserved and unbanked in these counties.
During its first year of operations, The Morning Star Federal Credit Union plans to focus on basic savings and lending services, including:
- Share accounts
- Share draft accounts
- Share certificates
- Money orders/Cashier’s checks
- Direct deposit
- Unsecured loans
- Online access
- Debit cards
- ATM access
The Morning Star Federal Credit Union’s charter became effective November 18, and the credit union expects to commence operations in 2023. The Morning Star Federal Credit Union is the fourth federal credit union chartered in 2022.
About National Credit Union Administration (NCUA)
The 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, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.