WASHINGTON—The NAFCU board this week met with Federal Reserve Vice Chairman of Supervision Randal Quarles to present findings from the association's 2018 Report on Credit Unions and to discuss issues critical to the credit union industry.
The board provided Quarles with an overview of key findings from the report. NAFCU Board Chair Jeanne Kucey, president and CEO of JetStream FCU in Miami Lakes, Fla., noted credit unions now serve more than 114 million Americans, but that most credit unions are small and often don't have the resources to address challenges facing the industry.
Gary Grinnell, NAFCU board secretary and president and CEO of Corning Federal Credit Union in Corning, N.Y., detailed credit union financial conditions, including loan trends and the effects of the financial crisis on the industry. Membership trends were shared by Jim Kenyon, president and CEO of Whitefish CU in Whitefish, Mont.
NAFCU's priorities were highlighted for Quarles by NAFCU board Vice Chair Debra Schwartz, president and CEO of Mission Federal Credit Union in San Diego; Daniel Weickenand, CEO of Orion FCU in Memphis, and Bob Fisher, president and CEO of Grow Financial FCU in Tampa. The trio explained the intricate relationship between credit unions and technology, including the need to manage cyber risks.
NAFCU President and CEO Dan Berger also reiterated credit unions' concerns related to the Financial Accounting Standards Board's current expected credit loss standard.