Bies, 59, recently addressed NCUA Vice Chairman Rodney Hood's Risk Mitigation Summit and met with NAFCU last December in their annual meeting with the Fed governors.

NCUA Chairman JoAnn Johnson received a personal call from Bies about the news. "Federal Reserve Board Governor Susan Schmidt Bies brought an extraordinary wealth of experience and operational knowledge to her duties at the Federal Reserve," Johnson commented. "She translated her private sector experience into tenure on the Federal Reserve Board that had great public benefit and for that we should all be grateful. While I am confident that the Fed will find someone of high caliber to fill this seat, Dr. Bies will be difficult to replace."

Vice Chairman Hood added, "I commend Governor Bies for her tremendous work with both enterprise risk management and the Basel Committee. She helped update important capital rules and regulations in a manner that worked for a wide range of regulatory agencies, financial institutions and economies all over the world. Her contributions have strengthened the U.S. financial system for many future generations."

NAFCU Senior Economist Jeff Taylor noted that Bies represented the Fed on the international body crafting the Basel II standards. Of NAFCU's meetings with her, he added, "She was definitely intelligent and seemed like she did her homework on credit unions and was really lively."

"Governor Bies made an important contribution to the work of the Federal Reserve Board and we appreciated the opportunities to meet with her on credit union issues," CUNA Deputy General Counsel Mary Dunn said. "We wish her all the best as she leaves the Fed."

Bies has served on the Fed Board since Dec. 7, 2001 with a term running through Jan. 31, 2012 and represented the Fed Board in various ways during her tenure. She does not plan to attend the March 20-21 meeting of the Federal Open Market Committee. A release from the Fed said she intends to spend more time with her family.

"Sue's invaluable contributions to both monetary and regulatory policy at the Federal Reserve have been aided by her unique perspective as both an economist and a banker," Fed Chairman Ben S. Bernanke said. "Her leadership at the Board was most evident in guiding our efforts in banking policy and community affairs. I will miss her counsel and wish her all the best in her new endeavors." –[email protected]