Community Depository Institutions Advisory Council (CDIAC) Charter Community Depository Institutions Advisory Council (CDIAC) Charter

Purpose

The Community Depository Institutions Advisory Council (CDIAC) for the Federal Reserve Bank of Boston was established to:

  1. Provide a forum for representatives of community depository institutions to:
    • Provide information, advice, and recommendations to the Federal Reserve Bank of Boston and to the Board of Governors from the perspective of community depository institutions.
    • Advise the Federal Reserve Bank of Boston on credit conditions in community depository institutions, credit terms and conditions in the members' local markets, the effects of regulatory policies on the institutions' ability to provide financial services, access to the payment system, local economic conditions,and other issues of interest to community depository institutions.
  2. Serve as a mechanism to convey to the broader Federal Reserve System, through the Federal Reserve Bank of Boston, perspectives on issues to which the System should be sensitive.

Committee Structure & Composition

Membership

Membership on the CDIAC will be representative of the diversity of financial institutions in New England with assets less than $10 billion, and would include:

  1. Commercial Banks  (state member, state nonmember, or national charters)
  2. Thrifts  (state or federal savings and loan associations or savings banks)
  3. Credit Unions (state or federal)

The total number of members will be limited to 12.

  • First District CDIAC Members will serve one three-year term.
  • Membership must comprise of at least two representatives each from commercial banks, thrift institutions, and credit unions.

The Board of Governors, in consultation with the Federal Reserve Bank of Boston, will appoint one member from the CDIAC to serve as a Council Representative on the CDIAC in Washington D.C. for a period of three years. In the case where the term of the council member appointed as chair has expired, the term can be extended for an additional year.

Meetings & Related Documentation

Frequency

Meetings will be held in person two times a year at the Federal Reserve Bank. The meetings will generally include a discussion of local economic conditions, credit conditions in community depository institutions, the effects of regulatory policies on the institutions' ability to provide financial services, and access to the payment system  which will include questions provided by the Board of Governors. All travel expenses will be paid by the Reserve Bank in accordance with Reserve Bank travel policies.

The First District's Council Chair of the CDIAC will meet in person with the Board of Governors twice a year (April & November) in Washington D.C.

Agendas and Notes

  • The agenda will be developed by the Reserve Bank Staff and include questions provided by the Board of Governors to focus the discussion.
  • Meeting summary notes are developed by Reserve Bank staff and are maintained at the Bank.

Duties & Responsibilities

  • Attendance at all CDIAC Meetings is expected. The Federal Reserve recognizes situations can arise that prohibit participation in an individual meeting. If a CDIAC Member is unable to attend a meeting, that member must inform the Federal Reserve's point of contact in a timely fashion.
  • To be considered in good standing, a CDIAC Member should miss no more than 1 meeting per year. Continued absence without reasonable cause may result in dismissal from CDIAC.
  • It is the expectation of the Federal Reserve that all CDIAC Members will arrive on time and be prepared to provide input during the meetings.
  • All CDIAC Members are required (per Federal Reserve Bank Travel Policy) to submit Travel Reimbursements to the CDIAC Administrative Support Team within 10 business days of a CDIAC meeting.
  • If a CDIAC Member separates from their current employer during their tenure on the Council, the Federal Reserve Bank of Boston reserves the right to ask the member to step down from the Council.