Richmond Fed Pursues CU Outreach
The Federal Reserve Bank of Richmond wants more financial input from credit unions and next week will be conducting its second "Credit Union CEO Forum" as part of an outreach program, officials of the regional Fed bank said this week.
Leading the March 3 discussion with a 12-member CU group organized by the Virginia Credit Union League will be Jeffrey M. Lacker, Richmond Fed president, said a spokeswoman.
The March reception and dinner at bank headquarters will focus on current economic conditions, payments and operations issues in the Fed's Fifth District and the way CUs fit into the financial landscape, particularly their common traits with small community banks, said the spokeswoman.
"We are looking for an exchange of issues," she said noting the Richmond Fed has created a separate department to focus on the "cross disciplines" in the financial environment of the district that covers Virginia, Maryland, South Carolina and parts of West Virginia.
One key issue likely to come up in the information/education CU visit, officials said, will be the Fed's national restructuring of its regional processing network in line with closing numerous offices.At one time the Fed had 45 processing offices across the U.S. to handle paper checks but the Internet and card usage, has reduced that business.