The Federal Reserve Bank of Boston has opened nominations for membership on the First District's Reserve Bank Community Depository Institutions Advisory Council (CDIAC). Made up of 12 members – including representatives from at least two commercial banks, thrift institutions, and credit unions – the First District's CDIAC represents the six New England states: Connecticut (excluding Fairfield County), Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
Established by the Federal Reserve Board of Governors in 2010, the CDIACs in the 12 Federal Reserve districts provide a diverse perspective on the economy, lending conditions, and other issues facing thrift institutions, credit unions, and community banks with different charters and regulators (including state member, state nonmember, and national banks). Members serve a three-year term, committing to attend two meetings per year at the Federal Reserve Bank of Boston. Council members are asked to share information, offer advice, and make informal recommendations to Reserve Bank representatives pertaining to their industry during active roundtable discussions.
CDIAC members represent communities that form the backbone of the New England economy. From credit unions that support low-income and rural communities to commercial banks from some of the First District's largest cities and towns, CDIAC members provide valuable perspectives that help the Boston Fed carry out its mission of public service across New England.
Eligible institutions must have assets below $10 billion, and must nominate a participant at chief executive officer or president level. The nominee may not be a current director of a Federal Reserve Bank. Individuals wishing to self-nominate are encouraged to provide references from banking organizations and associations. Nominations must be received by December 31, 2013.