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January 15, 2020

NAFCU-member CU on 2020 Fed council

Federal ReserveFaheem Masood, president and CEO of NAFCU-member ESL Federal Credit Union (Rochester, N.Y.), has been selected to serve on the Federal Reserve's Community Depository Institutions Advisory Council (CDIAC) for 2020.

The CDIAC meets twice a year with the Federal Reserve Board in Washington. It advises the Fed on the economy, lending conditions and other issues. Members are from banks, thrift institutions and credit unions serving on local advisory councils at the 12 Federal Reserve Banks.

NAFCU works closely with the Federal Reserve to share insights into credit unions' operations. Members of NAFCU's Board of Directors met with Federal Reserve Board Governor Michelle Bowman in November to share findings from the association's Annual Report on Credit Unions report and discuss other industry trends. 

In addition, NAFCU Chief Economist and Vice President of Research Curt Long led meetings with several Federal Reserve Banks – New York, Chicago, St. Louis, Boston, and Minneapolis – and member credit unions in 2019 to discuss fintech, payments, and economic trends.

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