The Federal Reserve Bank of Boston has opened nominations for membership on the First District’s newly formed Reserve Bank Community Depository Institutions Advisory Council (CDIAC).
Established by the Federal Reserve Board of Governors on October 1, 2010, the CDIAC will expand the existing Thrift Institutions Advisory Council (TIAC), creating councils in the 12 Federal Reserve districts and encouraging input from a broader array of depository institutions. District councils will also include a liaison to the Board CDIAC. Building on TIAC’s tradition of providing necessary, useful information from the perspective of thrift institutions, the CDIAC invites representatives from thrift institutions, credit unions, and community banks with different charters and regulators (including state member, state nonmember, and national banks) to provide a full spectrum of views on the economy, lending conditions, and other issues.
The First District’s CDIAC will include 12 members from at least two commercial banks, at least two thrift institutions, and at least two credit unions. Eligible institutions must have assets below $10 billion. The CDIAC will represent the diversity of institutions in the New England economy by including a variety of institution sizes, types, and locations. The First Federal Reserve District includes the six New England states: Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island and Vermont.
Nominees must be at the level of chief executive or president at his or her institution and may not be a current director of a Federal Reserve Bank. Members will serve staggered three-year terms and shall commit to attend three meetings per year at the Federal Reserve Bank of Boston. At each meeting, members will be asked to provide information, advice, and recommendations through actively participating in discussions with Reserve Bank representatives.
Nomination information is available at www.bos.frb.org/bankinfo. Individuals wishing to self-nominate are encouraged to provide references from banking organizations and associations. Nominations must be received by January 18, 2011. For more information, please contact: DeAnna Green at 617-973-3820.