CU CEOs Appointed to Fed Panels
Underscoring a policy aimed at reaching out to small community banks and credit unions, the Federal Reserve Board and its district banks last week began completing a series of high-level CEO appointments to its new advisory panels.
Credit union CEOs from Oregon to New Hampshire were picked for the newly created Community Depository Institutions Advisory Councils, and many of the CU leaders are ready to take on a more vigorous advocacy role with debit interchange a hot button before the central bank.
Ratcliff, who said he probably got picked as the result of a Virginia Credit Union League endorsement, said also he has already been briefed about the first meeting, to be held March 3. He received a questionnaire listing such issues as deposit demand, housing concerns, inflation and economic conditions "and one marked regulatory matters and payments." On that, he expects to bring up interchange.
Echoing Ratcliff on council agendas, Glenn Barks, president/CEO of the $1.6 billion First Community CU of St. Louis, said he was "certainly looking forward toward representing our industry, and I sure will be eager to hear what the bankers have to say."
"I believe the bankers will be surprised at how similar many of our interests are," said Rissel, adding, "I know it will be a great learning experience for me, and hopefully a learning experience for all concerned. Beyond that, I certainly hope bringing a credit union voice can make a difference."
On that a CUNA spokesman said its staff has long been "making a concerted effort to ensure there is greater credit union representation on all of these Federal Reserve Bank regional advisory councils."
"I appreciate that the Fed board decided to greatly expand and rename the old Thrift Institutions Advisory Council to include more representatives from community institutions," said Smith, recalling that he served on TIAC during 2009 and 2010.
"I had the opportunity to learn a great deal about how economic, legal and regulatory issues impact other financial institutions throughout the country," said Smith, noting that Fed board members seem "eager to learn about economic conditions on Main Street USA."