Credit unions seem to be gaining new stature in the FederalReserve system based on new overtures from at least one keydistrict bank, CU officials reported.
|The latest Fed inquiry on collection of CU loan and economicdata came from the Federal Reserve Bank of New York, which metearlier this month with members of a CU economic coalition headedby Tun Wai, NAFCU's economist/director of research.
|In recognizing CUs as economic players in local communities andthe business sector, New York Fed staffers expressed newfoundinterest in accessing CU data following practices in play at theFederal Reserve Bank of Dallas.
|“The Fed banks are simply used to hearing the commercial bankerside in gathering data and now seem to be coming around torealizing our role,” said Wai who took part in an April 14 meetingof the Credit Union Economics Group with New York Fed PresidentWilliam Dudley.
|Also participating from CUEG were CU financial officers fromvarious U.S. cities along with David Colby, CUNA Mutual Group chiefeconomist.
|CUEG has been holding annual meetings with Fed bank executivesfor eight years “but this was the first time we visited the NewYork Fed,” said Wai. Among the district banks, the New York Fed hasthe highest profile because of its role on the Federal Open MarketCommittee. Dudley is vice chairman of the committee.
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