New member appointed to New York Fed’s Community Depository Institutions Advisory Council
NEW YORK, NY (October 17, 2022) — The Federal Reserve Bank of New York today announced the appointment of a new member to its Community Depository Institutions Advisory Council (CDIAC), effective immediately.
Council members are representatives from commercial banks, thrift institutions, and credit unions with assets under $10 billion and headquartered in the Federal Reserve’s Second District (New York State; Northern New Jersey; Fairfield County, Connecticut; Puerto Rico; and the U.S. Virgin Islands). The purpose of the council is to provide information and insight to the New York Fed from the perspective of community depository institutions.
The New York Fed’s president and first vice president meet with the council twice a year to discuss regional economic and financial conditions and other issues confronting community depository institutions. The next CDIAC meeting will take place October 19.
The new council member is Carlos P. Naudon, president and CEO of Ponce Bank in The Bronx, New York.
Mr. Naudon will serve a three-year term. He is replacing a member who completed his three-year term earlier this year.
For more information, including a list of the full membership, see Community Depository Institutions Advisory Council.
About New York Fed
The New York Fed oversees the Second Federal Reserve District, which includes New York State, the 12 northern counties of New Jersey, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands. Though it serves a geographically small area compared with those of other Federal Reserve Banks, the New York Fed is the largest Reserve Bank in terms of assets and volume of activity. The New York Fed has several unique responsibilities as part of the Federal Reserve System, including conducting open market operations to execute monetary policy on behalf of the FOMC, acting as the fiscal agent of the U.S. Treasury, operating Fedwire, and providing banking and clearing services to foreign central banks, governments and international agencies.
