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The president's nomination of Jack Lew to succeed Tim Geithner as Treasury secretary was received Tuesday by the Senate and awaits actionby the Senate Finance Committee.

Geithner has been wanting to leave the Treasury post but agreed to remain through the president's first term in office. Lew has been the White House chief of staff for the past year and was budget director before that. NAFCU President and CEO Fred Becker met with him last May during a cooperative summit at the White House. Lew called credit unions an important source of capital for small businesses. His nomination awaits Senate confirmation.

Another post important to credit unions is the NCUA Board seat left open last year with the departure of Gigi Hyland. The president had nominated Carla Decker of District Government Employees FCU but later withdrew that nomination. No other has been made to date. For now, any rules issued by the NCUA Board must be passed by unanimous vote (2-0).