April 24, 2014

Banking lawyer possible nominee for Fed Board

April 25, 2014 – A former American Bankers Association lawyer is one of several individuals being considered by the White House as a possible nominee to Federal Reserve Board, according to reports.

Reutersreported that the administration is considering lawyer Diana Preston for the post. The U.S. central bank is operating with just four of its seven board positions filled. Two nominees are awaiting confirmation. (The Senate Banking Committee will vote on those nominations next Tuesday.)

NAFCU President and CEO Dan Berger wrote President Obama and Senior Advisor Valerie Jarrett earlier this month on the need for the Federal Reserve Board of Governors to have a credit union representative as a member.

Berger wrote about the increasing regulatory burdens the credit union industry is facing and how the ongoing dialogue with the Federal Reserve Board would be strengthened by the presence of a member with experience in the industry. "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.

Berger also cited the independent study commissioned by NAFCU this year which showed that the total benefit from the credit union industry to U.S. consumers is $17 billion per year.