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NCUA's board on Tuesday approved a charter for the Chippewa Eagle FCU in Mount Pleasant, Mich.

The credit union will start out with a field of membership of about 7,800 persons who are regular members or employees of the federally recognized Saginaw Chippewa Indian Tribe of Michigan. It plans to open for business this August, offering regular shares, club accounts, money market shares, share certificates and share drafts. It also plans to offer signature loans, used automobile loans and recreational vehicle loans.

Credit cards, unsecured lines of credit, residential mortgage loans, individual retirement accounts and member business accounts are planned in the future, NCUA said.

This will be the second federal credit union chartered this year.