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NAFCU Board shares CU industry insights, trends with Fed's Bowman
The NAFCU Board of Directors and NAFCU President and CEO Dan Berger Wednesday held a virtual meeting with Federal Reserve Board Governor Michelle Bowman to share insights into the credit union industry and trends from the past year. The meeting, which NAFCU has held annually with the Fed for almost three decades, coincides with the association's release of its annual Report on Credit Unions – now available for download.
Senior NAFCU staff, including Senior Vice President of Government Affairs Greg Mesack and Chief Economist and Vice President of Research Curt Long were also in attendance Tuesday.
During the meeting, NAFCU Board Chair Tom DeWitt, president and CEO of State Farm Federal Credit Union (Bloomington, Ill.), provided an update on the credit union industry's current financial conditions, followed by a review of credit union product offerings and services to members from NAFCU Board Treasurer Brian Schools, president and CEO of Chartway Federal Credit Union in Virginia Beach, Va.
NAFCU Board Member Lisa Schlehuber, CEO of Elements Financial Federal Credit Union in Indianapolis, Ind., led a discussion on several advocacy priorities for the association, which included:
- the FedNow service;
- interchange;
- regulation CC;
- payments system access; and
- central bank digital currency.
Several other NAFCU Board members provided insights on what they're seeing in their respective communities as it relates to many of these topics.
In addition, Melanie Kennedy, president and CEO of Southwest Financial Federal Credit Union in Dallas, Texas, shared the associations suggestions regarding the modernization of credit union field of membership (FOM). NAFCU continues to urge Congress to make necessary legislative reform to allow credit unions to add underserved areas to their FOM.
NAFCU Board Vice Chair Gary Grinnell, president and CEO of Corning Federal Credit Union in Corning, N.Y., and Board Members Karen Harbin, president and CEO of Commonwealth Credit Union in Frankfurt, Ky., James Kenyon, president and CEO of Whitefish Credit Union in Whitefish, Mont., Lonnie Nicholson, president and CEO of EECU in Fort Worth, Texas, Jan Roche, president and CEO of State Department Federal Credit Union in Alexandria, Va., and Keith Sultemeier, president and CEO of Kinecta Federal Credit Union in Manhattan Beach, Calif., participated in the discussion.