The Federal Reserve Bank of Boston announces the appointment of 12 members of the newly established First District Community Depository Institutions Advisory Council (CDIAC). Each Federal Reserve Bank is establishing a CDIAC to represent the perspective of smaller financial institutions.
CDIACs will provide input on the economy, lending conditions, and other issues. They are being established at Federal Reserve Banks across the country pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
First District CDIAC members represent the diversity of institutions in New England. The 12 members represent commercial banks, thrift institutions, and credit unions with assets below $10 billion. Members are from the six New England states: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
The newly announced members are as follows:
Mr. Stapleton, of Northampton Co-operative Bank, will serve as District One's representative to the national CDIAC, which will meet twice a year to advise the Federal Reserve Board in Washington DC. The Board announced in October that it was forming the CDIAC to replace the Thrift Institutions Advisory Council.
The first meeting of the District One CDIAC will be held on March 1, 2011. The District One CDIAC will meet three times annually.