Hudson Valley FCU members approve state charter conversion

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The members of Hudson Valley FCU voted to convert the credit union to a state charter from a federal charter last week. Beginning Oct. 1, the credit union will officially begin conducting business as Hudson Valley Credit Union, according to their press release.

“This is an important milestone for our members and the thousands of our New York neighbors who will soon be able to use our services,” said Mary Madden, the credit union’s president/CEO. “We look forward to serving them with the same affordable, convenient products and services, and providing the special care we’ve given over 300,000 members since 1963.”

Currently, Hudson Valley’s field of membership includes four counties: Dutchess, Orange, Putnam and Ulster. The credit union currently serves over 300,000 members through 19 branch locations.

With the charter conversion, the credit union will now be able to expand its community-based field of membership to serve persons who live, worship, work, regularly conduct business or attend school, as well as serve businesses and other legal entities, in Westchester, Rockland, Putnam, Orange, Dutchess, Ulster, Columbia, Greene, Albany, Rensselaer, Saratoga and Schenectady counties.

As previously reported, Hudson Valley announced it was seeking approval from members to convert the credit union to a state charter back in May.

 The New York Credit Union Association has long advocated for improvements and enhancements to the state credit union charter. In recent years, the Association has seen several key improvements to the state charter implemented by working closely with the Legislature, the state Department of Financial Services and Gov. Andrew Cuomo’s administration.

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