2 Boston Fed advisory councils now accepting new members 2 Boston Fed advisory councils now accepting new members

Nomination periods open through Jan. 15 for both councils Nomination periods open through Jan. 15 for both councils

December 28, 2023

The Federal Reserve Bank of Boston is accepting nominations for membership on two advisory councils that help the Bank stay connected to New England’s “on-the-ground” economic conditions and concerns.

Nominations are open now through Jan. 15 for the Community Development Advisory Council and the Community Depository Institutions Advisory Council. Each council provides the Boston Fed with vital economic and financial information from across the region that helps determine the Bank’s direction and affects monetary policy decisions.

Community Development Advisory Council (CDAC)

The CDAC includes representatives from community development organizations in the nonprofit, private, and public sectors in all six states. The council helps inform Boston Fed leaders and staff about regional opportunities for, and barriers to, community development. And it enables communication between New England’s economic sectors and regions.

CDAC member Judy McBride is director, strategic partnership investments at the Hartford Foundation for Public Giving. She said being part of the CDAC gives her a chance to hear and be part of conversations about what unites the economies of the six states and what makes them different.

“Most of us are not economists, but that’s not the expectation,” McBride said. “Our contributions center on what we’re seeing around basic human needs, things like the impact of inflation, hiring and retention, or the impacts of limited child care."

The Boston Fed’s Carmen Panacopoulos, a senior business strategy manager in the Bank’s community development arm, said the CDAC gives the Bank a broad understanding of regional economic issues that affect low- to moderate-income individuals.

“Members share the perspectives of crucial voices of the community,” she said. “They ensure that residents’ concerns are not just voiced, but also addressed, so we have a thriving economy that leaves no community behind."

Eligible institutions can nominate a participant at the chief executive officer, president, executive officer, or senior leadership levels. Members serve a three-year term and commit to attend three meetings annually. Individuals wishing to self-nominate are encouraged to provide references from organizations and associations. Nominations must be received by Jan. 15.

Read more about the Boston Fed’s CDAC.

Nominate someone for CDAC.

Community Depository Institutions Advisory Council (CDIAC)

The CDIAC meets twice annually to advise the Bank on lending conditions and other issues in New England. The 12-member council represents commercial banks, thrifts, and credit unions with less than $10 billion in assets. Council members are asked to share information on general overall economic conditions, current lending conditions, labor markets and employment conditions, and other topics of common interest.

CDAIC member Brett Dean, president and CEO of Watertown Savings Bank, said the council brings Bank leaders, including President & CEO Susan M. Collins, real-time information that can reinforce or go beyond the data she’s receiving.

“President Collins obviously has access to an abundance of economic data, a great deal of which, by definition, focuses on looking backwards,” Dean said. “By meeting with the CDIAC and hearing directly from us – who hear directly from our customers and staff – we can provide anecdotes and information that may reinforce that data. Or, if we on the council do our jobs well, we can perhaps identify underlying economic strengths or weaknesses that may not yet appear in the data.”

Anne Tangen, president and CEO of Massachusetts-based BankFive said it’s a privilege to learn from the other members of the council and discuss the local economy.

“In a very short period of time, you are able to learn from your peers and hear multiple perspectives about how differently we are all experiencing the current economic environment,” Tangen said. “The diversity on the council really enhances the depth and breadth of insights an individual can gain from being part of it.”

Eligible institutions can nominate a participant at the chief executive officer level. A nominee may not be a current director of a Federal Reserve Bank. Members serve a three-year term and commit to attend two meetings annually.

Read more about the Boston Fed’s CDIAC.

Nominate someone for CDIAC.

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