Superintendent of Financial Services Adrienne A. Harris today announced the approval of the City of Poughkeepsie as a new Banking Development District (BDD), continuing New York State’s efforts to expand access to affordable financial services.

“The BDD Program is a tool that we have to increase financial access, supporting our mission to build a more equitable financial services system in New York," said Superintendent Harris. “I commend Heritage Financial Credit Union as the first credit union to receive BDD approval and for their commitment to serving Poughkeepsie residents and businesses.”

New York State’s BDD Program, administered by DFS, supports the establishment of bank and credit  union  branches in areas across New York State where there is a demonstrated need for banking services.  The program is a public-private collaboration among DFS, local communities, and financial institutions. Strong community support from local organizations, residents, small businesses, and elected officials is a critical piece of establishing a BDD. 

To encourage participation in the BDD program, $10 million in subsidized public deposits and other benefits are made available to banks and credit unions that open or maintain a branch and offer affordable and accessible products and services in an underserved community. This new BDD will enable Heritage Financial Credit Union (HFCU) to provide access to products and services targeted to the needs of the local residents and small businesses in the City of Poughkeepsie. Groups that support small businesses, community organizations, and elected officials submitted letters in support of this BDD application. The designation will further community engagement and reinvestment initiatives throughout Poughkeepsie.

HFCU President and CEO, Mike Ciriello said, “Heritage Financial Credit Union believes that providing opportunities for financial wellness starts with having access to educational tools and resources to enhance and increase the knowledge and understanding of financial services. It is this belief that pushed us to move forward with our Financial Development Center (FDC) in Poughkeepsie, NY and led us to discovering the NYS Banking Development District (BDD) program. The mission of our Center is to provide access to no-cost, one-to-one financial counseling, financial education and safe and affordable banking services to provide opportunities for financial inclusion and wellness. HFCU appreciates and welcomes the approval of a BDD designation in Poughkeepsie by the NYS Department of Financial Services. This designation can help aid in economic development within the community and may help jump-start wealth creation for individuals, which is in alignment with our mission.”

 Senator Sue Serino said, “Banking institutions play an important role in community development and we are proud to welcome Heritage Financial Credit Union here to our local community. I thank Superintendent Harris and the Department of Financial Services for their work in facilitating this application and we look forward to seeing all the ways the branch is able to partner with local businesses and individuals to help our community thrive.”

“The opening of the Financial Development Center within the Family Partnership Center in Poughkeepsie demonstrates Heritage Financial Credit Union’s (HFCU) commitment to expand economic opportunity for underserved and underbanked communities,” said Assemblymember Jonathan Jacobson “I wish to congratulate HFCU on putting rhetoric into results.  I look forward to working with HFCU on this important mission to expand economic opportunity in Poughkeepsie and the Hudson Valley.”

City of Poughkeepsie Mayor, Rob Rolison said, “The City of Poughkeepsie is incredibly excited to partner with Heritage Financial Credit Union to launch this new initiative – a first of its kind here in the Mid-Hudson Valley.  We understand that education and access to safe and affordable banking services will help more Poughkeepsie residents reach financial strength.  That’s why it’s important to have the Financial Development Center located right in the heart of the city at the Family Partnership Center.  I’d like to thank our friends at the Family Partnership Center for hosting the Financial Development Center, HFCU for their vision and choosing Poughkeepsie, and New York State for recognizing and supporting this new endeavor.”

The HFCU Financial Development Center is located within the Family Partnership Center in Poughkeepsie, NY located at 29 N Hamilton St. This credit union marks the state’s 54th BDD designation.

• Learn more about the Banking Development District program.

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