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Seneca Nation credit union receives federal approval

The Seneca Nation is launching a new federal credit union aimed specifically at tribal members and employees, with offices on each of the three territories in Western New York.

Federal regulators on Friday approved the formation of the Seneca Nation of Indians Federal Credit Union, based in Irving but with additional part-time offices in Niagara Falls and Salamanca. The new credit union is only the second one chartered nationwide this year by the National Credit Union Administration.

The credit union will open in August, and will be open to any of the Seneca Nation’s 8,100 members or the 5,000 employees who work for the tribe and organizations affiliated with it, including Seneca Gaming Corp. Its capital was funded by the Seneca Nation Council and executives, while the office space will be provided free of charge.