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Pine Ridge reservation close to getting first credit union at Kyle

RAPID CITY (AP) -- The Pine Ridge Indian Reservation may soon have its first credit union. Debbie Matz with the National Credit Union Administration said the association is "very close" to approving a charter for a credit union that would serve t...

RAPID CITY (AP) -- The Pine Ridge Indian Reservation may soon have its first credit union.

Debbie Matz with the National Credit Union Administration said the association is "very close" to approving a charter for a credit union that would serve the 3,500-square-mile reservation.

Matz is the association's board chairwoman and was in Rapid City this week to speak at the annual meeting of the Credit Union Association of the Dakotas.

The credit union under consideration on Pine Ridge would be based in Kyle. According to media reports, the credit union is sponsored by the Lakota Funds certified Native Community Development Financial Institution.

Matz says the union would fill a "dire need" on the reservation, where this is no permanent bank or access to insured deposits.

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