Northern Eagle FCU first new charter of 2013
Oct. 11, 2013 – NCUA on Thursday announced the chartering of Northern Eagle FCU, the first new federal credit union chartered in 2013 and set to open for service this December.
The credit union – whose formation was anticipated in earlier trade reports – is a multiple-common-bond credit union. It will serve the approximately 4,900 people who are members or employees of the Bois Forte Band of Chippewa and employees of related select occupational groups.
It has NCUA’s low-income designation and will be eligible to apply for loans and technical assistance grants from the Community Development Revolving Loan Fund, is authorized to offer secondary capital accounts, qualifies for certain exemptions from the statutory cap on member business lending and may also seek assistance from the Community Development Financial Institutions Fund.
“Every American deserves access to affordable financial services, but many Native Americans unfortunately lack access to federally insured financial services providers or only have access to predatory lenders,” said NCUA Board Chairman Debbie Matz. “The chartering of Northern Eagle Federal Credit Union addresses a real need.”
NCUA said the credit union will be headquartered in Nett Lake, Minn.