At the Mille Lacs Reservation near Onamia, Governor Meyer was welcomed by tribal Chief Executive Officer Marge Anderson, who led a meeting with tribal officials and staff members at which a wide range of economic issues were discussed. Governor Meyer also met with lenders from Cloquet-area financial institutions to discuss issues and opportunities relating to lending in Indian Country. The Region, a quarterly publication of the Public Affairs Department of the Federal Reserve Bank of Minneapolis, recently interviewed Governor Meyer and discussed his visit to Minnesota's Indian Country. What follows is an excerpt of the article that will appear in the September 1998 issue of The Region in which Governor Meyer discusses his visit. I think I understand better the need for a two-way education process.
Bankers have to be better educated about tribal law and about how the tribal court systems work.
Also, tribes need to be better educated about what banks need to make loans-on Indian reservations or anyplace else. My recent area of specialization at the Board has been consumer and community affairs because I chair the oversight committee for this area. Because the Ninth District has a large number of Indian reservations, we decided to use this opportunity to acquaint me with the special challenges of banks lending and providing financial services on Indian reservations. The two reservations I visited each had casinos and both had taken advantage of the revenues from the casinos to invest in community development projects. It was very interesting to see this blending of technology and long-standing cultural tradition.