NAFCU initiates newest Fed governors with credit unions
WASHINGTON-NAFCU senior staff met last Monday with the two newest Federal Reserve Board governors, plus one other, to discuss a variety of issues affecting credit unions. Attending the meetings with Fed rookies Ben Bernanke and Donald Kohn, as well as Governor Mark Olson were NAFCU President and CEO Fred Becker; Senior Vice President and General Counsel Bill Donovan; Director of Regulatory Affairs Gwen Baker; and Chief Economist Tun Wai, as well as Vice President of Communications Jay Morris. Topics of discussion ranged from the declining number of federal credit unions, the Home Mortgage Disclosure Act, the deposit insurance reform legislation, regulatory relief, and current economic developments affecting credit unions. "It's a learning process for them. I think it was a very friendly, very productive meeting," Morris said. NAFCU's Board is also set to meet with Olson and other Fed officials in December for their 11th annual meeting. Olson said he would like to hear from NAFCU at that time on safety and soundness concerns and other issues.