New members appointed to New York Fed’s Community Depository Institutions Advisory Council
NEW YORK, NY (March 3, 2021) —
The Federal Reserve Bank of New York today announced the appointment of two new members 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 meets 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 on March 5, 2021.
The two new council members are Carol A. Allen, president and CEO of People’s Alliance Federal Credit Union (PAFCU’s) in Hauppauge, New York and, Colleen C. Young, president and CEO of Bank of Cattaraugus in Cattaraugus, New York. These new council members will serve three-year terms. They are replacing members who left or completed terms at the end of 2020.
For more information, including a list of the full membership, see Community Depository Institutions Advisory Council.
About Federal Reserve Bank of New York
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A Directors represent the member banks in the District; Class B Directors and Class C Directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed's decisions on monetary policy are informed by actual economic conditions.
