The Federal Reserve System seems at last to be acknowledging credit unions as important economic players based on new inquiries about district data, according to NAFCU's top economist.
Based on a meeting this week hosted by the Federal Reserve Bank of New York-a first at that district bank for the Credit Union Economics Group-Fed staffers seemed eager to include CU economic data in the so-called "beige book" used routinely by Fed banks to chart national economic policy, said Tun Wai, NAFCU's chief economist.
"The Fed banks are simply used to just dealing with commercial banks in compiling data and I only know of one, the Fed of Dallas, that does contact credit unions to collect loan information," said Wai, who took part in an April 14 meeting of CUEG with New York Fed President William Dudley.
Also participating from CUEG were CU financial officers from various U.S. cities along with David Colby, CUNA Mutual chief economist.
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CUEG has been holding annual meetings with Fed bank executives for eight years, "but this was the first time we visited the New York Fed," said Wai. Among the district banks, the New York Fed has the highest profile because Dudley currently serves as vice chairman of the Federal Open Market Committee.
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