Louisiana group applies to form Native American bank

A group of Native American tribes is looking to form a bank in Louisiana.

The Tchou Tchouma Tchoupitoulas Nation ⁠— which includes members of the Choctaw, Chickasaw, Cherokee, Yamasee and Washa tribes ⁠— has applied for deposit insurance from the Federal Deposit Insurance Corp. The application, filed on April 30, has a comment period that ends on May 30.

The group, which applied with the FDIC as FBBJR Tribal Banking, plans to create a tribal banking association in Slidell, La. The nation gained official recognition from the city of New Orleans in July.

The proposed association said in its application that it plans to offer banking and finance services to tribal members and other groups that “become affiliate members through contract.” The application lists credit cards and trust services among the proposed offerings.

Efforts to reach members of the tribe were unsuccessful.

The Louisiana Office of Financial Institutions declined to comment because it has yet to receive an application from the group. Efforts to reach the FDIC were unsuccessful.