CUs have a Friend on FHLB Board in Atlanta

WASHINGTON-Though CUNA recently raised the issue with the Federal Housing Finance Board that it is virtually impossible for credit union representatives to get on the boards of the Federal Home Loan Banks, one credit union CEO has accomplished just that. Mark Lee Phillips, president and CEO of Treasury Department Federal Credit Union, was elected to the Atlanta FHLB Board just this past November and took office at the start of 2004. He said he did not have a problem at all getting on the board, but admitted that Washington, D.C. may be an anomaly. In the District, there are only eight total financial institutions belonging to the FHLBs divided evenly among credit unions and banks. In his first and only race, Phillips even ran against a bank CEO for the spot. However, of the total 17 board members, he is the only one from a credit union. He noted that in a room full of community bankers it would be easy for them to gang up on him. “It couldn’t be more different. They’re great,” he said.”As part of my tenure, I’m looking forward to raising credit union awareness within the bank,” Phillips said. Phillips has served as CEO of Treasury Department FCU since 1992 and has worked in the credit union industry since 1978.