WASHINGTON – Senate Banking Committee Chairman Tim Johnson (D-SD) announced that the National Credit Union Association has approved a new federal credit union to serve the residents and businesses of the Pine Ridge Reservation. The Lakota Federal Credit Union (FCU) is expected to open in the coming months.
“This new credit union will expand access to financial services across Pine Ridge,” said Chairman Johnson. “Federally insured deposits will help families protect their hard-earned savings, and services like check cashing and ATMs will help Pine Ridge residents access their money without paying high fees. Lakota FCU will be an engine for economic development and job creation on the Pine Ridge Reservation.”
Lakota FCU is being sponsored by Lakota Funds in Kyle, SD, a non-profit Community Development Financial Institution serving Pine Ridge since 1986. Lakota FCU will offer financial literacy education to its members, as well as a full range of financial services. Deposits in federal credit unions like Lakota FCU are insured by the federally-guaranteed National Credit Union Share Insurance Fund.
Last year, Johnson was named Chairman of the Senate Committee on Banking, Housing and Urban Affairs. Senator Johnson is also a member of the Indian Affairs Committee and the Appropriations Committee. All three committees represent an important intersection for Indian economic development issues.