Credit Union Economics Group Shares Industry Views with Fed Officials

KANSAS City, Mo. – Members of the Credit Union Economics Group recently met with officials of the Federal Reserve Bank of Kansas City to share their views on the industry's role in delivering financial services. The April 12 meeting was attended by Thomas Hoenig, president/CEO of the Federal Reserve Bank of Kansas City, and staff members Craig Hakkio, senior vice president/director of research; Esther George, senior vice president, and Diane Raley, vice president/public information officer. Among the topics the six CUEG economists discussed during the informal, session were: lending trends and consumer finance; credit unions' balance sheet performance; risk mitigation practices and the group's economic outlook. "Meeting influential policymakers like the Federal Reserve and conveying current trends in the consumer finance sector is important for all credit unions," said Tun Wai, CUEG member and NAFCU director of research and chief economist, who opened the discussion with Fed officials. "We believe CUEG provided President Hoenig and his 10th Federal District staff with insights about consumers and credit unions they might not have otherwise received."