The NCUA's Office of Consumer Protection granted a multiple common-bond charter to Seneca Nation of Indians Federal Credit Union Friday, making it the second New York-based, federally chartered credit union of 2015.
The new cooperative will serve employees and members of the Seneca Nation of Indians who qualify for membership in accordance with the Nation's constitution, as well as employees of several other organizations affiliated with the Nation.
"Our country's Native Americans need better access to affordable financial services," NCUA Board Chairman Debbie Matz said in a prepared statement. "Seneca Nation of Indians Federal Credit Union is positioned to fulfill this role and to make investments that strengthen communities. The organizers want to provide access to a range of services while encouraging capital to stay local. I congratulate everyone involved and commend the hard work and commitment I know went into organizing the newest federal credit union."
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The cooperative – which will be based in Irving, N.Y., about 32 miles south of Buffalo – is slated to open in August. During its first year of operation, the credit union plans to open a main office and two part-time offices.
The Seneca Nation Council and executives committed capital for the cooperative and are providing free office space for three branch locations.
Established in 1848, the Seneca Nation of Indians has grown to a membership of more than 8,100. The Nation's affiliated organizations employ more than 5,000 people, making them, collectively, one of the largest employers in western New York.
The Finest Federal Credit Union in New York became the first new federally-chartered credit union of the year in February. The cooperative also became the first new federal charter in the Empire State since 2009, according to the NCUA.
Finest FCU, headquartered in Manhattan, was granted a charter to serve the 74,530 employees of federal, state, county and municipal agencies or departments engaged in police protection in New York City.
On Wednesday, Finest FCU held a ribbon-cutting ceremony to commemorate its opening.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
