CEO of Duke University Federal Credit Union
Daniel Berry, CEO of Duke University Federal Credit Union, discusses how credit unions operated in the years leading up to the Global Financial Crisis, and describes subsequent reform measures. Berry suggests that the crisis had its roots in the invention of Collateralized Mortgage Obligations (CMOs) in the ‘80s. He portrays this development as being correlated with widespread greed in the housing market, which characterized many real estate agents, appraisers, and others who benefited from origination income. Berry also talks about the flaws of debt to Income (DTI) ratio as an underwriting metric, as well as the impacts of the innovation of automated underwriting technology on the mortgage market. He also sheds light on the topic of consumer protection, given his experience with the National Association of Federal Credit Unions (NAFCU) Regulatory Committee and the Consumer Financial Protection Bureau (CFPB).
Date Recorded:
April 17, 2020
Interviewed by:
Maria Paz Rios
Daniel Berry is the CEO of the Duke University Federal Credit Union. He has over 18 years of experience at the institution. Berry has served on the National Association of Federal Credit Unions [NAFCU] Regulatory Committee and the Consumer Financial Protection Bureau [CFPB] Credit Union Advisory Council. Berry played a key role in safeguarding borrowers and homeowners within the Durham community before, during, and after the crisis. Within his role at the NAFCU and CFPB, Berry also provided advice to legislators. Prior to working at the Duke University Federal Credit Union, he worked at the accounting firm Cherry, Bekaert & Holland for over 10 years. Berry holds a degree in accounting from the College of William and Mary and a Master of Business Administration from Duke University’s Fuqua School of Business.
