Hudson Valley Credit Union to Undergo Major Change… Again

Members of the Hudson Valley Credit Union have been notified of a major change that is expected to transform how the financial institution will operate in the future.

The HVCU's President and CEO, Jonathan Roberts, explains that the change will help support the credit union "for years to come."

Change Announced for Hudson Valley Credit Union

Roberts announced that the credit union has applied to become a federally chartered credit union. This may sound a bit familiar to long-time HVCU members who have already been through a change like this.

Before 2019, the credit union was known as the Hudson Valley Federal Credit Union. After dropping its federal status, the bank underwent a major name change, dropping the word "federal" from all signage, checks, credit cards and even its website doman name.

This time, Roberts says the change will have little to no impact on members.

We will continue to operate as Hudson Valley Credit Union, which means all signage, members’ checks, as well as your debit and credit card will remain the same. There is also no need to change account numbers.

The only change that members might notice is an adjustment in wording on future legal documents.

What's the Difference Between a Credit Union and a Federal Credit Union?

In reality, there's not much difference between a credit union and a federal credit union. The designation simply describes where the organization received its charter from. Federal credit unions are monitored by the federal government, while other credit unions operate under the authority of the state.

So, why change back to a federal credit union? Roberts says the designation will allow the organization to attract more members from outside the 13 counties in which it currently operates.

A vote from members is necessary to make the change, so a meeting will be held on September 30 at 5:30pm to finalize the decision. Members will receive ballots from the credit union so they can participate in the vote.