NAFCU Fed Meeting; Compliance Newletter Available
Yesterday, I had the honor to sit in on NAFCU's annual meeting with the Federal Reserve. We had almost 90 minutes before Donald Kohn, Vice Chairman of the Board of Governors. NAFCU's Board of Directors did an admirable job representing credit unions and telling Vice Chairman Kohn and other Fed employees about how credit unions continue to provide services and make loans during these troubling times. Here are some take-aways from the meeting.
- Mr. Kohn said that the Fed always does its best to use the right amount of regulation. Too much is stifling. But too little can lead to problems. Mr. Kohn implied, that in his view, some of the current problems may stem from too little regulation. I don't think I need to connect the dots there.
- Most of the discussion, mostly led by Mr. Kohn's questions, centered on safety and soundness, liquidity, and the credit markets. He seemed pleased to hear that credit union liquidity remains strong, and that credit unions are lending.
If you want additional details about the meeting, read this.
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The December NAFCU Regulatory Compliance Newsletter is available. NAFCU members can use this link to access it. (Log-in needed.)