Fed vote on interchange today kicks wait-and-see into high gear for credit unions.
CUNA’s Cheney reaches out to members of bank/CU panels set up by Fed last year, asking them to reach out to Fed Board.
With the exception of an impromptu clash over the credit union tax exemption, the Federal Reserve Bank information seminars that joined credit union and community bank CEOs finished the month with a wary but shared camaraderie.
In yesterday’s release of lending data by the Federal Reserve Bank covering 2008 to early 2010, one item that caught the eye of many observers was the amount of overnight borrowings by some corporate credit unions, notably U.S. Central and WesCorp.
The initial reviews are in from the meeting this week between credit union CEOs, community bank CEOs and top brass of Federal Reserve banks, and so far the assessment of what was discussed on everything from interchange to Fannie/Freddie status was favorable.
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.
CEOs being appointed this month to the newly formed advisory panels of Federal Reserve district banks are eager to become CU advocates and plan to raise the debit interchange issue.
As the SBA recently marked how the Small Business Jobs Acts of 2010 has helped it approve more than $10.3 billion in loan guarantees since the legislation was signed back in September, CUs could reap some unexpected benefits.
It was a shock and it was unprecedented. The NCUA hammer brought down on the legacy assets held by the corporate system during 2010 caused it to reel as never before.
As Check 21 wraps up its first decade, its impact has been considerable.