NAFCU Nominates Farver to Thrift Advisory Council

ARLINGTON, Va.-In a letter to the Federal Reserve Board, NAFCU President and CEO Fred Becker recently nominated Jeff Farver, president and CEO of San Antonio Federal Credit Union, to a seat on the Federal Reserve Board’s Thrift Institution Advisory Council. The nominee has 34 years of experience in financial services. SACU has 226,000 members, the demographics of which reflect the surrounding community, and 581 employees. At the end of last month, SACU had $1.7 billion in assets and $1.6 billion in loans. SACU has a “People Helping People” affordable home loan program in partnership with San Antonio Alternative Housing, Inc. and provides indirect auto lending. After a tour as a U. S. Army Engineer Officer, Farver spent eight years as a small town banker in northwest Florida in positions from internal auditor to branch manager to comptroller. He was hired by Eglin Federal Credit Union in 1979 to serve as investment director and chief financial officer to resolve serious investment issues. In 1981, Farver became president of Chattanooga TVA Employees Federal Credit Union to help with investment problems and operating losses. He was hired by SACU in the summer of 1990 to do much of the same. In less than 10 years, the credit union has doubled its assets, tripled consumer loans, and built up its capital reserves to 9.2% of total assets. Farver also supports and participates in many credit union associations, including NAFCU, the Texas Credit Union League, and the Alamo Chapter of Credit Unions. He is active in the United Way, the Chamber of Commerce, youth sports, and local credit union cooperative efforts. The TIAC includes members from the thrift, savings and loan associations, savings banks, and credit unions and discusses issues related to thrift institutions, credit unions, housing, mortgages, and regulator issues with the board.