The Federal Reserve comment period on interchange fees may be ending next Tuesday, but Ron Barrick, the Oregon credit union CEO named to a newly chartered panel of the Federal Reserve Bank of San Francisco, intends to keep the issue alive.
And that means the very next day-Feb. 23-at the first meeting of the new Community Depository Institutions Advisory Group in San Francisco, Barrick of Advantis CU probably joined by an Oregon banker expects Fed fee policies will occupy “a good bit of discussion” with corporate issues also due for an airing.
“Since I’m the only credit union representative in the group, it will be me who can bring up the discussion on corporate providers,” said Barrick, president/CEO of the $753 million Advantis of Milwaukie, a Portland suburb.
On interchange, Barrick said he expects to convey to the Fed staff the industry’s concerns that fee implementation next July will endanger CU debit programs, create more financial strain on consumers and harm the economy in the 12th district.
“I expect one of the bankers will have something to say, too,” said Barrick, referring to William E. Castle, president/CEO of South Valley Bank and Trust of Klamath Falls, Ore., who was also appointed to the nine-member advisory panel.
Creation of the San Francisco Fed’s financial panel last year-and the appointment of a CU executive-underscored the move by regional feds to get closer to local and state economic concerns.
The advisory panel, which is drawn from communities across the nine-state district and meets twice a year, was formed to provide input to the Fed Bank’s senior management on economic and banking conditions, regulatory policies and payments issues.