Fed Needs Board Member From Credit Union: NAFCU
In a letter to President Obama and White House Senior Adviser Valerie Jarrett, NAFCU President/CEO Dan Berger said the Federal Reserve Board should have a credit union representative.
“A well-educated, experienced credit union CEO would add value to the Federal Reserve Board of Governors by offering both the credit union perspective and, more generally, the perspective of smaller community lenders,” Berger wrote Monday.
Berger said having a credit union member of the Federal Reserve Board would strengthen the dialogue between the board and the industry.
“NAFCU applauds your recognition in the most recent State of the Union address of the need for creditors to continue to fund small businesses,” Berger wrote. “The nation’s credit unions are uniquely qualified to help make this a reality by strengthening access to financial services in communities throughout Main Street America.”
Berger cited an independent study commissioned by NAFCU this year, which found the total benefit for American consumers from credit unions is $17 billion per year.
To support his recommendation, Berger also mentioned a 2011 study commissioned by the SBA's Office of Advocacy, which revealed that credit unions have the ability to provide extra business lending following the reductions in bank business lending during the financial crisis.