The National Credit Union Administration (NCUA) has granted a federal charter and Share Insurance Fund coverage to Tribe Federal Credit Union in Minneapolis. This marks the first federal credit union to receive a charter under the NCUA’s provisional charter pilot initiative.
The provisional charter pilot is one of several recent measures by the NCUA aimed at modernizing and improving credit union chartering. The initiative allows organizers to obtain a federal credit union charter and provides them 12 months to secure the necessary capital to begin operations. However, under this pilot, a credit union cannot accept member deposits or originate loans until it achieves its targeted level of donated capital.
Tribe Federal Credit Union is designated as a low-income credit union primarily serving individuals who live, work, worship, or attend school in Minneapolis. It also aims to serve those involved in programs designed to alleviate poverty or distress within the city. The planned services for members include share accounts, share draft accounts, online banking, auto loans, and personal loans.
The charter for Tribe Federal Credit Union became effective on May 22, 2024, making it the second federal credit union chartered this year.
The NCUA is an independent federal agency established by Congress to regulate, charter, and supervise federal credit unions. It operates and manages the National Credit Union Share Insurance Fund with the backing of the full faith and credit of the United States. This fund insures deposits for more than 135 million account holders across all federal credit unions and most state-chartered credit unions. Additionally, the NCUA focuses on consumer protection and financial literacy education.
Media Inquiries
Joe Adamoli
JAdamoli@ncua.gov
703.518.6572