April 16, 2019

NAFCU, CUs meet with Minneapolis Fed

moneyNAFCU Chief Economist and Vice President of Research Curt Long and a number of member credit unions will meet today with Federal Reserve Bank of Minneapolis President Neel Kashkari to discuss various industry issues, including the economic outlook, interest rates, lending landscape and faster payments.

Kashkari currently serves as an alternate member on the Federal Open Market Committee (FOMC) – the Fed's monetary policy-setting arm. Minutes recently released from the FOMC's March meeting revealed that committee members are not yet concerned about an approaching recession, although economic activity has slowed since the fourth quarter.

NAFCU continues to engage with the Fed regarding its work to make the payments system faster and more secure and has met with Fed staff to discuss the strategy for achieving more secure payments. The association in December shared how credit unions could benefit from faster payments services, and the Fed recently launched two groups among industry stakeholders to help improve payments security.

NAFCU and its Board of Directors meet annually with the Federal Reserve to present findings from the association's Report on Credit Unions and to discuss issues critical to the credit union industry. The group met with Federal Reserve Vice Chairman of Supervision Randal Quarles in November; see a recap of the discussion here.

Credit unions interested in receiving updates from the Federal Reserve Bank of Minneapolis can sign up here.