Credit unions play a critical role in the economy, says NY Fed President

Bringing insights into the current state of the economy and the economic impacts of AI, Federal Reserve Bank of New York President/CEO John C. Williams addressed attendees at the Governmental Affairs Conference (GAC) Tuesday. He followed his remarks in a Q&A session with America’s Credit Unions Head of Regulatory Advocacy James Akin.

A lifelong credit union member, Williams addressed credit unions’ role in the resiliency of regional employment and affordability.

“To me, the critical issue is: how do you evolve with this changing landscape in a way that makes sense with the value proposition of your organization?” Williams asked. Answering his own question, he told attendees to stay focused on the risks and opportunities that are unique to their footprint.

“One of your superpowers is you’re connected to your communities,” he added. “You’re part of the community and you understand what the local conditions are.”

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