Credit Union Foe Nominated to Fed

WASHINGTON – President Bush yesterday nominated two bankers to the seven-member Federal Reserve Board of Governors, including Betsy Duke, the former chairman of the American Bankers Association and an ardent credit union critic. During her year as ABA Chairman, Duke traveled the country to defeat credit union legislation and testified before Congress in 2005 against credit union provisions in the Regulatory Relief Act, passed in the last Congress. At the time, Duke, who is now chief operating officer at TownBank, in Portsmouth, Va., was executive vice president of Wachovia. President Bush also nominated Larry Klane, president of global financial services at Capital One Financial Corp., to the other vacancy on the Fed Board. Both nominees must be approved by the Senate.