Madison, Wis. — Summit Credit Union announced that its chief executive officer, Kim Sponem, has been appointed to a three-year term on an advisory council that reports to the Chicago Federal Reserve System.
The $2.1 billion CU said Sponem will represent the credit union industry on the Community Depository Institutions Advisory Council, which "offers input and promotes communication" between the Chicago Fed and representatives from community depository institutions, including credit unions, thrifts and banks, in Iowa, and most of Illinois, Indiana, Michigan and Wisconsin.
Furthermore, Sponem will meet with other council members twice a year "to provide views on current business and financial conditions" to the president and other senior officials of the Chicago Fed.
These contributions can help the Federal Reserve System formulate national monetary policies, Summit added.
