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CHARTER CHANGE

HFCU is officially a federally-chartered credit union! 

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WE ARE OFFICIALLY A FEDERALLY CHARTERED CREDIT UNION! 

We are excited to share with you that our change to a federally chartered credit union has been successfully completed.

This change reflects our continued commitment to strengthening our services, expanding our reach, and better serving our members. 


This transition followed a thoughtful and thorough process: 

  • Approved by member vote on January 5, 2026 
  • Approved by NCUA on January 21, 2026 
  • Our Board of Directors approved our updated bylaws, fulfilling the final requirement for our charter change on February 26, 2026 

In addition to the operational benefits of our new federal charter, we can now serve an expanded field of membership, including individuals, businesses and communities across the following counties: Putnam, Dutchess, Orange, Rockland and Ulster, NY, Passaic and Sussex, NJ and Pike, PA as of May 1 , 2026. 


This expansion allows us to bring our services to more people and communities while maintaining the same personalized service and commitment you have come to expect. 



 KEY DETAILS: 

  • Our legal name is now Heritage Financial Federal Credit Union. However, our logo and branding that refers to us as Heritage Financial Credit Union will remain the same for marketing and advertising purposes.
  • We are now able to serve members in Passaic County, NJ and Putnam County, NY. 
  • All current checks, debit/credit cards, and account details will remain the same.
  • Members’ accounts will continue to be insured by the National Credit Union Share Insurance Fund (NCUSIF) administered by the National Credit Union Association (NCUA). Deposits will remain insured up to $250,000 by the NCUA.
  • We are removing Sullivan County from our Field of Membership.  If you are a current HFCU member that resides in Sullivan County, there is no change for you. Reminder! Once a member, always a member.

WHAT IS A CHARTER CHANGE ? 

A charter change means that HFCU wanted to switch from a state-charter to a federal-charter credit union. The main difference between state-chartered and federally-chartered credit unions lies in who regulates them and what laws they must follow. HFCU was previously chartered by the New York State Department of Financial Services (NYSDFS), but is now federally chartered credit union through the National Credit Union Administration (NCUA). 

SPECIAL MEMBER MEETING & VOTE RECAP

A vote was held on January 5, 2026, allowing eligible members to vote on the proposal to convert to a federally-chartered credit union. Thank you to all eligible members, those who became members on or before October 3, 2025, who attended the meeting in person to cast their votes. We truly appreciate your support and dedication to HFCU. 


We’re pleased to announce that the membership approved the charter change as of January 21, 2026! 

FAQS

Click on the questions below to view the answers. 

Why is HFCU changing to a federal charter?

A federal charter aligns more closely with HFCU’s long-term strategic priorities and supports sustainable growth. We believe, based on our thorough analysis, that converting to a federal charter will allow HFCU to provide the necessary tools, resources, products and services to members, both current and future.

What’s the difference between a state and federal charter?

• Federal Charter: Regulated by the National Credit Union Administration (NCUA). • State Charter (NY): Regulated by the New York Department of Financial Services. 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 to a federal charter, we will have regulatory oversight and governance through one regulator, the NCUA.

How will this change affect members?

• No changes will be made to our products and services. • Our legal name will change to Heritage Financial Federal Credit Union. • We will continue to do business as Heritage Financial Credit Union • We will be regulated solely by the NCUA. • If approved, we intend to expand our field of membership to include additional counties.

Didn’t HFCU change charter’s recently?

Yes. HFCU changed from a federal to a state charter in 2019. At the time, we believed that it would bring our membership the most benefit through increased flexibility for expansion and growth as the federal charter was more restrictive at the time. However, after thorough re-assessment this year (2025), we believe that operating as a federal charter credit union will provide the most benefit and regulatory consistency to our membership. It will also allow us greater flexibility to expand, especially with our desire to serve Passaic County, NJ and Putnam County, NY.

Do employees or board members benefit personally?

No. No employees or Board Members at HFCU personally benefit from this change.

Are there plans for expansion?

HFCU is always evaluating opportunities to expand service where appropriate. If our charter application is approved, we will be expanding our field of membership to include Passaic County, NJ and Putnam County, NY. However, we are still evaluating the need and timing of having physical branch locations in these counties.

Will account numbers, routing numbers, or cards change?

No. All current checks, debit/credit cards, and account details will remain the same.

Will insurance coverage change?

No. Members’ accounts will continue to be insured by the National Credit Union Share Insurance Fund (NCUSIF) administered by the National Credit Union Association (NCUA). Deposits will remain insured up to $250,000 by the NCUA.

Will the credit union’s name change?

Yes, the legal name will change to Heritage Financial Federal Credit Union (HFFCU), but we will continue doing business as Heritage Financial Credit Union (HFCU). This allows us to keep our website, emails, advertising, business cards, social media, and our logo the same. HFFCU will only be utilized on specific legal documentation.

What if a member moves out of the service area?

Membership remains - once a member, always a member.

Will member voting rights change?

No. Voting rights remain unchanged.

When will voting results be announced?

Voting results will be announced via email in February as well as in their quarterly statement that is received in early April.

How will members be notified of if the charter change is approved?

Members will be notified via email.

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