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Dec. 23, 2013 – The Senate voted 59-34 to move forward with President Obama's nomination of Janet Yellen to chair the Federal Reserve Board, with a final vote set for Jan. 6.

Yellen would succeed Ben Bernanke after his four-year term ends on Jan. 31. Yellen currently serves as Vice Chair of the Board of Governors, and was nominated to the chairmanship on Oct. 9.

During her confirmation hearing Nov. 14 before the Senate Banking Committee, Yellen acknowledged the need for regulatory relief for small institutions, including credit unions. She noted that small institutions need to have a different regulatory model that is not as burdensome. She also said the advantages that big banks gain from being too big to fail need to be addressed.

Yellen met with NAFCU's board last December at Fed headquarters to discuss the association's 2012 Report on Credit Unions and issues of interest to both the Fed and credit unions. It was the 20th consecutive year the Fed hosted such a meeting with NAFCU.

If confirmed – which is likely – Yellen will start a four-year term as Fed chair beginning Feb. 1, which will continue through January 2018.