WASHINGTON—Federal Reserve Board Gov. Jerome Powell has succeeded former Fed Gov. Daniel Tarullo as head of the Fed's Committee on Supervision and Regulation.
This committee is responsible for writing banking rules, overseeing Wall Street and enforcing current regulations, noted NAFCU in its analysis. Reports indicate that these responsibilities may be temporary for Powell as the Fed awaits the selection of a vice chairman of banking supervision by President Donald Trump.
Tarullo departed from his post April 5.
The administration is expected to announce Fed governor nominees in the "very near future," sources reported.
There are currently three openings on the Fed's seven-member board. In addition to Powell, the board includes Chair Janet Yellen, Vice Chairman Stanley Fischer and Gov. Lael Brainard. Powell now chairs half of the board's eight committees.
The NAFCU board met with Powell in 2015 to discuss findings of the 2015 Report on Credit Unions and other various issues affecting the credit union industry; a similar meeting took place in 2014. NAFCU has also met with Yellen and Brainard.