WASHINGTON — Credit unions are one of the few relative bright spots in an otherwise dismal financial landscape, but they could use some help, too.That was the message NAFCU’s board conveyed to Federal Reserve Vice Chairman Donald Kohn during the association’s annual meeting with the board last week.“He appreciated knowing that for the most we don’t do exotic or other subprime loans,” NAFCU Chief Economist and Director of Research Tun Wai said of Kohn.Wai described Kohn as “very engaged” during the meeting and quite familiar with the work of credit unions. Wai said in previous sessions, some board members were rather quiet while others asked a lot of questions and Kohn was in between.In a written report that the board gave Kohn, NAFCU said it was “concerned about the significant compliance challenges imposed by the litany of regulatory amendments that are made annually.”The board reiterated concerns about changes that the Fed is considering making to credit card rules. Specifically, NAFCU fears that some of the changes intended to correct “unfair and deceptive practices” could hurt federal credit unions by limiting their ability to manage risk and offer credit to consumers in underserved areas.–[email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.