Senate confirms Bowman as Fed’s vice chair of supervision

The Senate confirmed Michelle Bowman to be the Federal Reserve’s vice chair for supervision in a 48-46 vote Wednesday. In this role, she will oversee bank regulation, supervision, and rulemaking.

“America’s Credit Unions congratulates Michelle Bowman on her confirmation to be the Federal Reserve’s Vice Chair for Supervision.  She brings strong financial services experience and expertise to the role as a former community banker and has met with credit union organizations many times through the years,” said America’s Credit Unions President/CEO Jim Nussle. “Bowman is a strong ally for credit unions and our issues and agrees with our concern with the Fed’s proposal to cap debit interchange fees. Her role as Vice Chair for Supervision gives credit unions a stronger voice in financial regulation. We thank the Senate for moving quickly on her confirmation.”

Bowman has served on the Fed’s Board of Governors since she was nominated to fill an unexpired term in April 2018. In 2019, she was confirmed by the Senate for a full 14-year term running from February 2020 to January 2034.

She met with America’s Credit Unions’ legacy organizations numerous times during her time at the Fed and has expressed concerns with the Fed’s proposal to cap debit interchange fees. She previously served as Kansas state banking commissioner and in several positions at a community bank.