Minneapolis Fed Picks Heacock, Krall for Advisory Panel
Two more credit union CEOs, one from Rapid City, S.D., and the other from Duluth, Minn., will be filling the so-called outreach slots on one of those Federal Reserve Board Advisory panels made of community bank and CU leaders serving district banks.
On Friday, the Federal Reserve Bank of Minneapolis announced the choices for its 10-member Community Depository Institutions Advisory Council: The CU leaders are Roger Heacock of the $877 million Black Hills FCU of Rapid City and Gail Krall, CEO of the $78 million Minnesota Power Employees CU.
“I guess I haven’t seen any announcement of my appointment but when they called me six weeks ago, I said I’d be glad to serve,” said Heacock, a member of the CUNA Board who had just returned from the GAC in Washington.
Heacock said the first Minneapolis meeting of the CDIAC is next Tuesday and “I’ll certainly bring up interchange considering it is the Fed that is writing those regulations.”
Among other areas, Heacock said he would like to know “why they have not included fraud costs in that 12 cents” benchmark.
As in other CDIAC meetings so far, the presidents of Fed district banks have joined the proceedings at three or four of the sessions held in Boston, Richmond and St. Louis, though it was unclear how many of the Fed executives had sided with the CEOs of community banks on interchange.
Slated to speak at the Tuesday meeting in Minneapolis is Narayana Kocherlakota, Minneapolis Fed president and a former professor of economics at the University of Minnesota.