2 councils that advise Fed on policy matters and local conditions seeking new members
Nomination period open, Bank welcoming input from comm dev leaders, financial institutions
Two councils that advise the Federal Reserve Bank of Boston on policy matters and help keep the Bank connected to the region’s people and financial institutions are seeking new members.
The nomination periods are open for the Community Development Advisory Council, or CDAC, and the Community Depository Institutions Advisory Council, or CDIAC.
The councils are made up of people from sometimes vastly different constituencies – community development organizations and financial institutions. But hearing from both is critical to building a more prosperous and inclusive economy, said Carmen Panacopoulos, a senior business strategy manager in the Boston Fed’s Regional and Community Outreach group who facilitates CDAC and CDIAC meetings.
“The Bank can’t get the insights we need if we’re just talking amongst ourselves,“ she said. “It’s essential to get on-the-ground input from people about what they’re seeing – what are the trends, what are emerging needs, what’s successful.”
The CDAC is made up of representatives of organizations involved in community development in the six New England states (i.e., banks, state and local governments, nonprofits, foundations, and community development organizations)
CDAC members inform the Boston Fed president about activities, issues, and regional barriers to community development. They advise the Bank on how to best support community development and encourage communication between its various sectors. They also share perspectives they believe the Federal Reserve System should be aware of and sensitive to.
“Our information is always timely and represents the interests and needs of low- and moderate-income people across the region,” said CDAC chair Yvonne Goldsberry, president of the New Hampshire-based Endowment for Health.
She said that information is sometimes stats from state reports, but it can also be anecdotal, personal stories. So, it’s helpful if council members have experience working with low- or moderate-income people in sectors including health care, social services, and housing, Goldsberry said.
Read the CDAC charter.
Click here to nominate someone for the CDAC
The CDIAC is made up of representatives of New England’s community depository institutions with assets of less than $10 billion, including commercial banks, thrifts, and credit unions. The council members, who must be at the level of chief executive or president, advise the Bank on the economy, lending conditions, and other issues. They offer insights and recommendations during discussions with Reserve Bank representatives.
CDIAC chair Kathy Underwood, CEO at Ledyard National Bank in Hanover, New Hampshire, said it was a “true honor” to be invited to be part of the CDIAC. The information-sharing on the council provides insight into economic trends and helps her decision-making at her bank, she said.
Underwood added that she knows the information the council shares with Fed leadership and the Board of Governors is highly valued.
“It helps to inform them of trends occurring in our northeast economy,” she said. “Combined with all the reports from across the country, it provides insight into their decision-making process.”
Click here to read the CDIAC charter.
Click here to nominate someone for the CDIAC.