Northern Eagle Federal CreditUnion will soon open for business, beginning with two offices onthe Bois Forte Reservation in northeastern Minnesota.

The NCUA, which met with credit union officials and the BoisForte Reservation Tribal Council last month, said Thursday it hasapproved the charter, the first for a new credit union by theagency this year.

“We're very excited to see Northern Eagle FCU receive theircharter. They will be a great addition to the Minnesota creditunion family and, more importantly, will provide essentialfinancial services and education opportunities to an underservedpart of the state,” said Mark D. Cummins, MnCUN president/CEO.

The league and the credit union's new CEO said the announcementof a new charter culminates a three-year process of planning andpreparation before winning the right to open the institution.

“Getting the charter was a long, arduous process and our plansendured a lot of scrutiny – as it should be,” said Nikki Pieratos,who's also the reservation's credit union program manager. “We arehappy to finally be able to serve the needs of our band members andemployees. The community has been very excited about this homegrowneffort.”

NCUA Chairman Debbie Matz, in the agency's statement issuedThursday, said, “Every American deserves access to affordablefinancial services, but many Native Americans unfortunately lackaccess to federally insured financial services providers or onlyhave access to predatory lenders.

“The chartering of Northern Eagle Federal Credit Union addressesa real need. The credit union has the potential to play animportant role in improving the lives and financial well-being ofNorthern Minnesota's Chippewa communities. I commend theindividuals who worked so hard to establish this Native Americancredit union.”

Northern Eagle will have offices at Nett Lake in the Bois ForteBand's new Government and Community Services Center and in theFortune Bay Resort Casino in Vermilion, the MnCUN said.

Credit union membership will be open to the approximately 4,900people who comprise the Bois Forte Band members living in Minnesotaor outside the state, tribal government employees, employees of theBois Forte Development Corporation and Nett Lake School, those whoare part of the immediate household of a band member or tribalemployee, and credit union volunteers.

Earlier this year, the Oglala Sioux Tribe opened Lakota Federal Credit Union on the Pine Ridge IndianReservation in South Dakota after receiving its charter the summerbefore.

Chippewa Eagle FCU in Mount Pleasant, Mich., opened in 2011 butwas merged into another local credit union this spring.