The Senate Banking Committee on Thursday sent Janet Yellen's nomination to be the next Federal Reserve Board chair on to the full Senate.

Yellen's nomination to succeed Ben Bernanke was approved by a 14-8 vote and media reports said a full Senate vote is expected early next month and that the Democrat-controlled chamber is likely to confirm the president's nomination.

If confirmed, the current Fed vice chair would assume the chairmanship through January 2018 after Bernanke steps down at the end of January.

NAFCU issued a statement from President/CEO Dan Berger noting that Yellen had expressed at her confirmation hearing earlier this month the need to lessen the regulatory burden on credit unions and other community institutions.

The trade group's board also met with Yellen last December, NAFCU said.

“We appreciated Vice Chair Yellen's openness and her willingness to hear credit unions' concerns about economic and regulatory matters affecting their communities,” Berger said in Thursday's statement.

“We look forward to working with her in her capacity as Fed chair upon her confirmation,” he said.