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Today: NAFCU Board, Fed’s Bowman to discuss top CU priorities
The NAFCU Board of Directors today will meet with Federal Reserve Board Governor Michelle Bowman to advocate for and underscore the importance of a strong credit union industry. This marks the third consecutive year NAFCU and Bowman have met to discuss credit union priorities.
The NAFCU Board of Directors consists of credit union volunteers and management from across the country who are dedicated to maintaining an association that is in touch with and responsive to the needs of the membership.
NAFCU President and CEO Dan Berger, Senior Vice President of Government Affairs Greg Mesack, Chief Economist and Vice President of Research Curt Long, Vice President of Communications Meghan Burris Small and Vice President of Regulatory Affairs Ann Petros, along with the board and other staff members will attend today’s meeting.
The NAFCU Board meets annually with Federal Reserve Board members to share findings from the association’s Annual Report on Credit Unions. The report details the latest issues and trends affecting credit unions and the impact of Fed action.
This year, the report highlighted that credit unions devoted far greater resources to Main Street. The report also showed that credit unions helped disadvantaged, underserved communities through low-cost financial products, financial literacy programs, and developed greater connections with local communities than banks.
Of note, the report reiterated the credit union industry’s strong financial gains and overall stability even during a shifting economic environment. According to the findings, loan growth for credit unions surged in the second quarter of 2022 as a result of strong auto lending but will likely slow as a result of the rising interest rate environments, which have also impacted industry mergers.
The report also listed notable policy priorities that have been top of mind for credit unions and NAFCU, including the harmful interchange bill, the Credit Card Competition Act, overreaching CFPB actions on overdraft fees, and NCUA’s standardized approach to supervising interest rate risk.
In addition, the report highlighted NAFCU’s efforts advocating against the development of a central bank digital currency (CBDC), pointing out that the costs outweigh the benefits and that credit unions represent a superior and safer alternative for advancing financial inclusion goals. The association has repeatedly warned against a CBDC, sharing concerns with the Fed, Treasury, Commerce Department, and Congress.
Read the full report. Stay tuned to NAFCU Today for detailed recap of today's meeting.