New York State Department of Financial Services designates Neversink and Denning as a Banking Development District and approves Hudson Valley Credit Union branches for the state programme

The New York State Department of Financial Services has approved the towns of Neversink and Denning as a Banking Development District (BDD) and designated Hudson Valley Credit Union’s Grahamsville branch as a participating BDD branch. DFS also approved Hudson Valley Credit Union’s Green Island branch to participate in the existing Green Island BDD, enabling access to state-supported benefits intended to encourage branches in underserved areas. Under DFS’s BDD programme, participating banks and credit unions can access up to USD 10 million in subsidised public deposits and other benefits when they open or maintain a branch and offer affordable and accessible products and services in a designated area. The Grahamsville branch (279 Main Street, Grahamsville, Town of Neversink) and the Green Island branch (148 George Street, City of Green Island) committed to providing products including free checking, small business loans, personal loans, and affordable mortgages, and to supporting community financial education workshops. DFS noted this is the seventh BDD it has approved since Superintendent Adrienne A. Harris joined the department in September 2021, and that the Grahamsville branch designation is the state’s fifty-eighth BDD designation; the Green Island BDD was established in September 2004 and was most recently served by Catskill Hudson Bank.