NAFCU Thanks Greenspan for Open Relations

WASHINGTON-In the waning days of his term, representatives from NAFCU met with Federal Reserve Chairman Alan Greenspan to honor him with a framed resolution thanking him for his service and openness to credit union issues. “Chairman Greenspan was very kind in terms of meeting with our board,” NAFCU Chief Economist Tun Wai explained. “We wanted to formally present to him a `thank you.’” Greenspan met Jan. 12 with NAFCU President and CEO Fred Becker; Chairman Mike Vadala, CEO of The Summit Federal Credit Union, as well as Leanne McGuinness of The Summit; NAFCU Board Member and Aberdeen Proving Ground Chairman Dave Gilbert; and NAFCU Board Member Brian McDonnell, Navy Federal Credit Union treasurer and retired CEO, as well as select senior NAFCU staff. Wai added that NAFCU was very fortunate to even get in to see him during his last weeks at the head of the Fed. “I’ll tell you the [American Bankers Association] hasn’t gotten that chance,” he said with a laugh. After 19 years as Fed chairman, Greenspan’s term will expire at the end of the month. Former Fed Governor and Chairman of the Council of Economic Advisors Ben Bernanke is slated for a confirmation hearing for the top spot Jan. 31, the same day as the next Federal Open Market Committee meeting. NAFCU is already in the process of arranging their next annual meeting with the Fed in December, hoping to meet with Bernanke. “We know him very well,” Wai said. He noted that Bernanke spoke at NAFCU’s Congressional Caucus one year and has hosted NAFCU’s annual meeting at the Fed before. “I fully expect him to maintain the kinds of relationships that he had as a governor,” Wai forecast. [email protected]