The Senate Banking Committee is expected to vote as early as this week to endorse the appointment of former NCUA Board Member Geoffrey Bacino to the Federal Housing Finance Board, along with several other important Bush nominees, for approval by the full Senate.
Bacino, who has worked as credit union liaison with auto financer CENTRIX Financial the past three years, told the Senate panel during confirmation hearings he supports efforts by the regulator of the 12 Federal Home Loan Banks to create transparency in their financial reporting. He also said it is important that the Finance Board move to fill its independent directors seats at the 12 banks.
The credit union advocate is expected to be considered by the full Senate along with Bush Administration candidates to fill vacancies at the Fed, at the Export-Import Bank, and at the Mint.
Bacino has had a long career in credit unions, which has included the early days at Callahan & Associates, the National Association of Share Insurance Corporations and the National Association of State Chartered CUs. Many credit union executives still remember Bacino's father, Ted Bacino, who worked at NCUA in the Ed Callahan days.
Bacino's appointment to the FHLB regulator is unrelated to his credit union service, even though the number of credit unions now part of the housing finance system has grown to more than 1,000. Bacino, a Democrat nominated to the NCUA Board by Democrat President Clinton, was nominated by the Bush Administration through connections with Senate Minority Leader Harry Reid of Nevada, to whom the job of filling the last five seats on the Housing Finance Board was delegated.
