The CDAC meetings provide a forum for representatives of community development organizations from the private, public, and nonprofit sectors to inform the Boston Fed president about activities, issues, and barriers to community development in the region. The CDAC also advises the Bank on ways in which it can support community development efforts in the region, and discusses opportunities to facilitate communication between sectors to encourage effective use of community development resources across New England.
The CDAC is also as a mechanism to convey to the broader Federal Reserve System, indirectly through the Boston Fed, perspectives on community development to which the System should be sensitive.
Membership on the Council is representative of the various sectors and geographic areas involved in community development and include, but are not limited to banks, state and local government, foundations, community organizations, academic institutions, and private, non-profit, and for-profit developers.
The total number of members is not limited; however, the Bank recognizes that a group of 10-15 is most conducive for effective discussion. With the exception of representatives from the banking industry, members will serve a three-year term, although the president of the Boston Fed may increase or decrease the term limit as circumstances warrant. Representatives from the largest banking institutions will serve a one-year term.