Boston Fed announces members of 2020 Community Depository Institutions Advisory Council
Members offer diverse views on the economy, lending conditions, and other district-wide issues
The Federal Reserve Bank of Boston on Monday announced the appointment of five new members to the Federal Reserve’s First District Community Depository Institutions Advisory Council (CDIAC).
CDIAC members offer the Fed diverse views on the economy, lending conditions, and other issues facing thrift institutions, credit unions, and community banks with different charters and regulators (including state members, state nonmembers, and national banks). The CDIACs were established in each of the 12 Federal Reserve districts by the Federal Reserve Board of Governors in 2010.
“Council members bring important perspectives on the economy from financial institutions all around the First District,” said Eric Rosengren, president and CEO of the Federal Reserve Bank of Boston. “I’m delighted to welcome these five new members, and I look forward to our conversations and their contributions.”
The new members include:
- Clayton Adams, president and CEO, Mascoma Bank, Lebanon, NH, Burlington, Vt.
- Harold M. Horvat, president, CEO, and chairman of the board, Centreville Bank, West Warwick, R.I.
- Frederick Reinhardt, president and CEO, Greenwoold Credit Union, Warwick, R.I.
- Mathew S. Sosik, president and CEO, Easthampton Savings Bank, Easthampton, Mass.
- Kathryn G. Underwood, president and CEO, Ledyard National Bank, Hanover, N.H.
Standing members of the Council include:
- Jay Anderson, president and CEO, Pittsfield Cooperative Bank, Pittsfield, Mass.
- Lawrence “Larry” Barker, president and CEO, Machias Savings Bank, Machias, Maine
- Ping Yin Chai, president and CEO, Salem Five Cents Savings Bank, Salem, Mass.
- Brian A. Orenstein, president and CEO, Charter Oak Federal Credit Union, Waterford, Conn.
- Dorothy Savarese, president and CEO, The Cape Cod Five Cents Savings Bank, Harwich Port, Mass.
- Susan “Sue” L. Shields, president and CEO, The Milford Bank, Milford, Conn.
- Barry Sloane, president and CEO, Century Bank, Medford, Mass.
Members attend two meetings per year at the Federal Reserve Bank of Boston and are asked to share information, offer advice, and make informal recommendations to the Reserve Bank's representatives during active roundtable discussions. The Boston Fed’s CDIAC members represent the six states in New England: Connecticut (excluding Fairfield County), Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
Council member Dorothy Savarese of The Cape Cod Five Cents Savings Bank serves as the First District’s representative to the national CDIAC, and is president of the CDIAC in 2020. This group meets twice a year with Federal Reserve Board of Governors in Washington.
For more information, visit the Federal Reserve Bank of Boston’s website.