Hudson Valley FCU to Defect to State Charter

Another large federal credit union is defecting from the federal charter.

Hudson Valley Federal Credit Union (Poughkeepsie, NY) is seeking to convert to a New York State charter.

In a notice to members, the $5 billion credit union stated that field of membership limitations were restricting its future growth opportunity.

As a federal credit union, the credit union can only serve its four-county footprint of Dutchess, Ulster, Orange and Putnam.

If members vote yes, the credit union will expand its community field of membership to include Westchester, Rockland, Columbia, Greene, Albany, Rensselaer, Schenectady, and Saratoga Counties.

The credit union will change its name to Hudson Valley Credit Union.

Members must approve the switch of charter.