Barrick Calls First Fed Meeting Productive

by NWCUA

Ron Barrick, President & CEO of Portland, Oregon’s Advantis Credit Union, recently attended his first meeting as a representative of Northwest credit unions on a special advisory panel of the Federal Reserve.  The meeting was held at the Federal Reserve offices in San Francisco and had a clear focus on the regional economy and job creation.

“It was an excellent meeting for those of us on the committee to share our experiences regarding the current economic situation in our own communities,” Barrick said.  “It’s clear that loan demand is picking up in certain sectors and regions but that overall activity remains less than robust.”

Barrick is currently the only credit union appointee on the community depository advisory panel which covers the nine states within the San Francisco Federal Reserve district.  The panel meets twice a year and is regarded as a key sounding board for the Federal Reserve in Washington, D.C.

Barrick also used the opportunity to discuss the need for increased member business lending authority for credit unions as he saw that as one area where demand was growing.

“Obviously, with the meeting dominated by representatives from the banking industry, we didn’t want to turn this into a debate; but I thought it was important for The San Francisco Fed to understand that this is an area where we believe economic opportunity exists and would be helpful in stimulating growth,” Barrick said.

Overall he said that the exchange of information and ideas was productive and reinforced that on most counts other financial institutions are facing similar issues as credit unions.  “As far as concerns related to the ramifications of the pending debit interchange regulation and the costs of increased compliance obligations, we spoke with basically one voice,” Barrick observed.  “It is an honor to represent the members of Northwest Credit Union Association in such a capacity, and I look forward to the next meeting in October.”

Posted in Federal.