S. Dakota reservation to get first credit union

KYLE, S.D. (AP) – The Pine Ridge Indian Reservation in South Dakota is getting its first credit union.

The National Credit Union Administration has announced that it has approved the charter for Lakota Federal Credit Union. The low-income designation credit union is expected to open in November to serve the approximately 40,000 people on the reservation.

NCUA Board Chairman Debbie Matz says the new credit union will help Native Americans living on the reservation have access to affordable financial services that every American deserves.

The credit union will offer a variety of financial services to the reservation's residents, including unsecured and share secured loans, auto loans, money orders, direct deposits, wire transfers and check cashing.

Lakota Federal Credit Union is sponsored by the nonprofit organization Lakota Funds.