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Nov. 21, 2013 – The Senate Banking Committee meets at 10 a.m. today to consider whether it will favorably report to the Senate Janet Yellen's nomination to succeed Ben Bernanke as Federal Reserve Board chair.

If the committee approves, her nomination will move to the full Senate for a vote on confirmation.

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.

Bloombergreported that Yellen's nomination may reach the Senate floor for a vote the week of Dec. 9. The article noted that Sens. Tom Coburn, R-Okla., Susan Collins, R-Maine, Lindsey Graham, R-S.C., and Orrin Hatch, R-Utah, said in interviews at the Capitol that they were likely to support Yellen, as well as Sen. Bob Corker, R-Tenn., who released a statement of support on Wednesday. In order overcome any obstacles and win confirmation, Yellen needs 60 votes in the Senate.

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