The political and policymaking sides of the Federal Reserve's role were in full view last week as the Fed kept interest rate the same and lawmakers dragged out the vote on Chairman Ben Bernanke's second term.
Credit union specialists praised the rate decision, expressed frustration at the political maneuverings and expressed hope that the Fed would show restraint when issuing additional regulations on consumer issues.
The Fed's Open Market Committee's decision to keep the target federal funds rate-the one banks use when lending to each other-unchanged at between 0% and 0.25% had been widely expected. Both NAFCU Chief Economist Tun Wai and CUNA Mutual Group Chief Economist Dave Colby said they don't expect a rate change in the immediate future.
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