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News Now

CU System
Michigans new CU to serve Chippewa tribe
MT. PLEASANT, Mich. (3/9/11)--Michigan's newest credit union--the Chippewa Eagle FCU--officially opened Monday in Mt. Pleasant, Mich. The new credit union will serve members and employees of the Saginaw Chippewa Tribe and their families--about 7,800 people (The Morning Sun March 8). Ron Douglas, chairman of the Chippewa Eagle Board, told the Sun that the tribe had worked toward establishing a credit union for about seven years. So far, 300 and 500 members have joined the credit union. The credit union will offer multiple share accounts including regular shares, club accounts, money market shares, share certificates, and share draft (checking) accounts. It also plans to offer personal loans, and after a year in business, will aim for authorization to make business loans. After two years, it will offer mortgage loans. Credit cards, unsecured lines of credit, individual retirement accounts and member business accounts are planned down the line. The tribe noted that residential mortgage loans would be especially needed. Commercial lenders often are reluctant to finance on-reservation housing because the land on which the homes are built is held in trust by the federal government. Homes may be sold only to tribal members, which would limit a traditional financial institution's options if a borrower defaulted on a loan. The National Credit Union Administration granted the credit union's charter last year.


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