The Federal Reserve Bank of Boston today announced it is accepting nominations for membership on two distinct advisory councils. Now through Jan. 15, member nominations are open for the Community Depository Institutions Advisory Council and the Community Development Advisory Council. Each of the councils represent the six New England states and bring information from their local communities to the Boston Fed.

Community Depository Institutions Advisory Council

The CDIACs were established in the 12 Federal Reserve districts in 2010 by the Federal Reserve Board of Governors. The council’s minimum of 12 members represent the diversity of financial institutions in New England – from credit unions that support low-income and rural communities, to commercial banks from the district’s largest cities and towns, and states across the district. The CDIAC provides perspective on the economy, lending conditions, and other issues facing thrift institutions, credit unions, and community banks with different charters and regulators (including state member, state non-member, and national banks). Eligible institutions include state member, state non-member, and national banks, and can be supervised by the Federal Reserve, Federal Deposit Insurance Corporation, National Credit Union Administration, or Office of the Comptroller of the Currency. Council members are asked to share information, offer advice, and make informal recommendations pertaining to their industry to Boston Fed representatives during active roundtable discussions.

Eligible institutions can nominate a participant at the chief executive officer level, and can be supervised by the Federal Reserve, FDIC, NCUA, or OCC. 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 per year.

Community Development Advisory Council

The CDAC provides a forum for representatives of New England community development organizations from the public, private, and non-profit sectors to inform the Boston Fed president and community development staff of activities, issues that relate to low- and moderate-income individuals and communities, and barriers to community development in the region. The group also discusses ways the Reserve Bank can support community development efforts in the region. 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 to the council and the Federal Reserve System.

Eligible institutions can nominate a participant at the chief executive officer level, and can be supervised by any of the federal regulators. Members serve a three-year term and commit to attend three meetings per year. Individuals wishing to self-nominate are encouraged to provide informal references from organizations and associations. Nominations must be received by Jan. 15, 2021.

View and submit the nomination form for the CDIAC. View and submit the nomination form for the CDAC. Additional nomination information may be found at bostonfed.org/cdiac or bostonfed.org/cdac, or by contacting Carmen Panacopoulos at 617-973-5907 or carmen.panacopoulos@bos.frb.org.