Financial Inclusion and Access for Native American People

National Native American Heritage Month is observed every November to celebrate and recognize the rich and diverse cultures, traditions, and contributions of Native Americans. The month-long observance also aims to raise awareness about the unique challenges faced by Native American communities and solutions to address such barriers.  

Historically, Native American communities have faced significant barriers to accessing financial products and services, which has limited their ability to build wealth, start businesses, and plan for the future. Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) are two types of financial institutions that have emerged to address such challenges.  

• CDFIs are the U.S. Department of the Treasury’s recognition of specialized credit unions and other financial institutions serving individuals and small businesses in underserved communities, including Native American communities.
• MDIs are federally insured credit unions and other financial institutions in which a majority of current members, board of directors, and the communities serviced fall within any of the eligible minority groups: any African American, Asian American, Hispanic American, or Native American.

These institutions play a crucial role in expanding access to financial services and promoting economic development in Native American communities. CDFIs and MDIs often:

• Understand the unique needs and challenges of underserved communities;
• Offer customized products and services that meet community’s needs;
• Tend to be more flexible when it comes to underwriting loans and evaluating creditworthiness; and
• Provide free one on one financial literacy education tailed for specific communities they serve.

With expanded access to capital and financial services, coupled with timely offering of financial education and resources, many people in indigenous communities can build a strong financial foundation for themselves and their families.

Visit NCUA’s Minority Depository Institutions page to find MDI credit unions in your community.