November 27, 2018

NAFCU Board meets with Fed's Quarles today

Federal Reserve
Federal Reserve

The NAFCU Board will travel to the Federal Reserve today to meet with Vice Chairman of Supervision Randal Quarles, continuing its meetings with key agency leaders to share credit unions' perspective on industry priorities and issues.

NAFCU President and CEO Dan Berger, Executive Vice President of Government Affairs and General Counsel Carrie Hunt, Chief Economist and Vice President of Research Curt Long, and several other staff members will also attend today's meeting.

The meeting coincides with the release of NAFCU's annual Report on Credit Unions and will be an opportunity to further discuss industry priorities and credit unions' use of Fed services to meet members' needs. A copy of the report will be sent to NAFCU members following the meeting.

Quarles testifying
NAFCU attended Quarles' semiannual report to Congress.

Quarles recently delivered the regulator's semiannual report to Congress and discussed a number of credit union issues with lawmakers, including the Financial Accounting Standard Board's (FASB) current expected credit loss (CECL) standard, Bank Secrecy Act (BSA) relief and tailoring regulations.

The NAFCU Board also met yesterday with Bureau of Consumer Financial Protection Acting Director Mick Mulvaney to discuss various regulatory issues affecting the credit union industry and the bureau's 2019 priorities (read more here).