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 Bank of New York is one of 12 regional Reserve Banks which, together with the Board of Governors in Washington, D.C., the Federal Open Market Committee (FOMC), the Federal Advisory Council, the Consumer Advisory Council, and the member banks, compose the Federal Reserve System. As the U.S. central bank, the Federal Reserve is responsible for formulating and executing monetary policy, supervising and regulating depository institutions, ensuring the smooth flow of payments, and providing banking services to the U.S. government and depository institutions.