Press
Credit Union Economics Group meets with Boston Federal Reserve President, Senior Staff
BOSTON, MA (April 14, 2014) —The Credit Union Economics Group (CUEG) met with Eric Rosengren, president and chief executive officer of the Federal Reserve Bank of Boston, to discuss the economic outlooks and related topics of interest to the Fed and credit unions.
This is the 12th year CUEG members have met with Fed officials. Dave Colby, CUNA Mutual Group chief economist, said, “Each meeting with the Fed has been an excellent exchange of information and our meeting with President (Eric) Rosengren was no exception.”
“I believe these meetings are a good way to enhance the Fed’s knowledge of credit unions’ role in consumer finance and for CUEG members to gain insight into policy research and the decision process at the Fed,” added Bruce Fox, Catalyst Corporate’s CIO.
CUEG greatly appreciated the opportunity to meet with President Rosengren and senior staff to discuss some of the significant issues impacting consumer finance, economic forecasts, risk factors, and Fed policy.
Members of the Credit Union Economics Group (CUEG) attending were: Bruce Fox, executive vice president and CIO, Catalyst Corporate Federal Credit Union, Plano, Texas; David Carrier, NAFCU chief economist and director of research, Washington D.C.; Dave Colby, chief economist, CUNA Mutual Group, Madison, Wis.; and Cynthia Nelson, Sara Gouthro and Alan Bernstein of EasCorp, Burlington, Mass.
The Federal Reserve Bank of Boston, one of the 12 regional banks in the Federal Reserve System, was established in 1914. It serves the Fed’s First Federal Reserve District that includes the six New England states; Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island and Vermont. There are roughly 5.2 million credit union members in the District and collectively they represent $6 billion in assets.
The Credit Union Economics Group is a working group of credit union officials located throughout the country who are dedicated to the current and future financial well-being of the credit union movement. CUEG’s objective is to provide credit unions with consensus macroeconomic forecasts and industry trend analyses that will be helpful in their planning and operations. This independent, non-profit group also provides a credit union perspective on national and regional economic trends by exchanging information with the NCUA, the Federal Reserve Board and the various Federal Reserve District Banks.