Powell confirmed to serve second term as Fed chair
The Senate yesterday voted 80-19 to confirm Jerome Powell’s nomination to serve a second term as Federal Reserve Board Chair; he will serve a four-year term. The Senate Banking Committee in March approved Powell’s nomination by a 23-1 vote.
Powell was reappointed to serve as Fed Chair by President Joe Biden in November 2021; he was first nominated by President Donald Trump in 2017 and confirmed in January 2018. Powell previously served as a governor on the Fed Board. Of note, several Fed nominees have also been recently cleared by the Senate, including Lisa Cook and Dr. Lael Brainard.
NAFCU has closely monitored the Fed’s movement on hiking the federal funds rate. Last week, the Federal Open Market Committee (FOMC) at its third meeting of the year noted that while “overall economic activity edged down in the first quarter, household spending and business fixed investment remained strong,” and as anticipated, the committee announced it would begin reducing its holding of Treasury securities and agency debt and agency mortgage-backed securities starting June 1.
NAFCU continues to engage with the Fed to voice credit union concerns.
Add to Calendar 2023-02-03 09:00:00 2023-02-03 09:00:00 Winning the Battle for Deposits Listen On: Key Takeaways: [01:28] An overview of the current macro environment. [02:55] Traditional tactics used by credit unions in the battle for deposits and why these are no longer enough. [07:39] Rife competition in the credit union space and how to stand out from the crowd. [10:23] The benefits credit unions can experience by reducing the cognitive load of their members [18:17] Advantages and disadvantages of PFM tools in the battle for deposits. [20:14] What credit unions should demand of their vendors. Web NAFCU email@example.com America/New_York public
Add to Calendar 2023-02-02 14:00:00 2023-02-02 14:00:00 How to Leverage Loan Participations in a Low Liquidity Environment About The Webinar As credit unions continue to face challenges with liquidity starting off 2023, strategic pricing and long-term alternative funding strategies can play a key role in allowing credit unions to serve more members and successfully manage the balance sheet. Loan participations can play a key role helping credit unions sustainably grow their originations, provide the marketplace access to quality, short duration investments, and successfully grow market share. Please join Amy Henderson, Chief Consumer Services Officer at Greenstate CU, Devin Hughes, VP of Business Development at LendKey, and Michael Adams, VP of Lender Development at Open Lending for a panel discussion to learn how credit unions can strategically serve more members, effectively price for loans, and successfully manage their balance sheet. Attendees will: Hear from Credit Union and FinTech experts Learn about loan pricing strategies and participation strategies Glean best practices from industry leaders who have been executing on these innovative strategies that better position the balance sheet for long term growth Find out how credit unions can start the process to identify trusted partners to help them execute on this strategy and serve more members Register for the Webinar Web NAFCU firstname.lastname@example.org America/New_York public
Management, Relationships, Consumer Lending
Get daily updates.
Subscribe to NAFCU today.