The initial reviews are in from the meeting this week between credit union CEOs, community bank CEOs and top brass of Federal Reserve banks, and so far the assessment of what was discussed on everything from interchange to Fannie/Freddie status was favorable.
"It was hardly a surprise that many of the same things that occupy credit unions also concern community banks and we also heard from the banks expressing frustration over the examination process and the difficulty experienced when regulation and examiner's opinion become intertwined," observed William J. Rissel, president/CEO of Fort Knox FCU, Radcliff, Ky. Rissel, joined by Glenn Barks, president/CEO of First Community CU in St. Louis, were the two CEOs from CUs–among 10 bank CEOs–taking part in a two-day session of the Community Depository Institutions Advisory Council of the Federal Reserve Bank of St. Louis.
Interchange and the income hit on financial institutions became the lead topic at the St. Louis event as well as at similar CDIAC sessions in Boston and in Richmond.
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