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.

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?


NOT FOR REPRINT

© 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.