To our valued members:
I have news to share that will help us support our cooperative for years to come. The credit union has applied to become a federally chartered credit union again. Our change to a state charter in 2019 allowed us to grow geographically at a time when the federal charter was more restrictive. Now that we have developed additional scale and capabilities, converting back to a federal charter will streamline our regulatory oversight, maximize our flexibility, and ensure that the credit union remains sound and stable.
Very little will change with the federal charter. 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. We will change verbiage on legal documents for future use after approval (account and loan applications, disclosures, etc.).
Perhaps the biggest change is how new members can join HVCU. Our federal charter will allow members of three organizations - the HVCU Charitable Foundation, the American Consumer Council, or the Community Impact Fund – to join our cooperative, so geography is no longer a concern for those who live outside our current 13 counties.
Part of the application process includes a member vote. On September 5, we will send instructions to eligible members* to vote either online, via phone, or at an in-person meeting on Tuesday, September 30, 2025, at 5:30 pm EST at the Doubletree Hotel at 40 Civic Center Plaza in the City of Poughkeepsie. We encourage you to watch for your ballot, which will include additional information on the change so that you can make an informed choice.
On behalf of our Board and Executive Management Committee, we are excited and confident that this new federal charter is in the best interests of all members and our employees. Thank you for continuing to place your trust in us as we help even more members strive for financial freedom.
Jonathan Roberts
President/CEO
The proposed conversion enables HVCU to grow, serve more people, and achieve greater efficiencies by reducing regulatory complexity— all without changing the products and services members rely on.
There will be no impact on members’ accounts, products, services, or day-to-day interactions. The credit union will continue to operate with the name Hudson Valley Credit Union, so no changes are required to signage or members’ checks, debit cards, and credit cards.
Yes, member accounts will continue to be federally insured up to $250,000 by the National Credit Union Share Insurance Fund (NCUSIF), just as they are today.
No. Members will keep the same account numbers and routing numbers, so any automated payments they have set up will remain the same and there will be no need to replace any checks, debit/credit cards or digital payment tools.
No. We will continue to operate as Hudson Valley Credit Union and all services such as Internet and Mobile Banking, ATMs, and branches will remain business as usual.
Yes. As a member-owned institution, the credit union will provide members with an opportunity to approve the charter change. Notice of the charter change and vote will be mailed to members in a postcard on Friday, August 29. Then by Friday, September 5, we will mail each eligible member a ballot to vote. Members who have opted into eStatements will receive the postcard and ballot via email; all others will receive a ballot via the US Postal Service. Members will have the opportunity to vote online, by phone, or in person at a special meeting on Tuesday, September 30, at 5:30 pm EST at the Doubletree Hotel at 40 Civic Center Plaza in the City of Poughkeepsie.
This change enables HVCU to grow, serve more people, and achieve greater efficiency by reducing regulatory complexity— all without changing the products and services members expect from us.
Members aged 16 and older in good standing as of July 31, 2025, will receive information on voting in one of three ways:
- Online at a special website https://hudsonvalley.cuballot.com (available on September 5),
- By phone at 888.606.2493, or
- In person at the special meeting on Tuesday, September 30, 2025, at 5:30 pm at the Doubletree Hotel at 40 Civic Center Plaza in the City of Poughkeepsie.
- The deadline for all votes to be received will be 6:15 pm EST on Tuesday, September 30, 2025.
Members who receive eStatements were sent an email with ballot and voting information on September 5. All other eligible members as of July 31, 2025, were mailed a packet of voting information. If you have not received that information, please contact our independent Tellers of Election – CU Ballot – at 866-601-8126 as soon as possible, so that they can verify your eligibility and provide you with the voting information.
All votes must be received by 6:15 pm Tuesday, September 30, 2025, at the conclusion of the in-person meeting. Online and phone votes must be received by that time. If you wish to vote at the meeting, you must bring the paper ballot you received, as blank ballots will not be available at the meeting. If you wish to attend the meeting and then vote online or by phone, you must bring your own device with you and your required identifying numbers from the ballot you received.
With the new charter, our field of membership will be broader, allowing us to serve even more people beyond geographic boundaries.
With the federal charter, anyone who is a member of the HVCU Charitable Foundation, the American Consumer Council, or the Community Impact Fund can join our cooperative. This means there are no longer geographic limitations on who can join. In addition, immediate relatives of any HVCU member are also eligible to join the credit union (parents, siblings, spouses, children, etc.).
A state-chartered credit union is regulated by a state’s financial department, in our case the New York Department of Finance (NY DFS), while a federally chartered one is overseen by the National Credit Union Administration (NCUA). Both charters provide similar consumer protections and insurance, but a federal charter offers greater consistency and efficiency in regulation and potential for geographic expansion. By converting our charter to a federal charter, we will create efficiencies in regulatory oversight and governance by having one regulator – the NCUA.
The timing will depend on the outcome of the member vote and final regulatory approvals. HVCU anticipates completion of the process before the end of 2025.
No. Members will continue to have one vote each, maintaining the credit union’s democratic, member-owned governance structure.
Yes. Once you become a member, you remain a member for life.
No, the meeting is only to answer any final questions members may have and to accept their paper votes.
*Eligibility for this vote includes all members in good standing age 16 or older as of July 31, 2025. Members who receive eStatements will receive their voting instructions in an email on September 5. All other members will receive their voting information in a packet mailed to their address of record as of July 31, 2025.