NEW YORK (3/21/11)--Three credit union representatives are among the 11 members appointed to the newly formed Community Depository Institutions Advisory Council (CDIAC) for the Second Federal Reserve District, announced the Federal Reserve Bank of New York. The credit union representatives are:
* Robert G. Allen, president/chief executive officer, Teachers FCU, Farmingville, N.Y.; * Michael J. Castellana, president/chief executive officer, SEFCU, Albany, N.Y.; and * Mary D. Madden, president/chief executive officer, Hudson Valley FCU, Poughkeepsie, N.Y.
The purpose of the council is to provide information and insight to the New York Fed from the perspective of community depository institutions. The council will replace the New York Fed’s Thrift Institutions Advisory Panel. The New York Fed president and first vice president will meet with the council twice a year to discuss regional economic and financial conditions, and other issues confronting community depository institutions. The board of governors of the Federal Reserve System has created a national CDIAC to broaden the scope of input on economic credit conditions. To complement the national effort with regional perspectives, each Federal Reserve Bank is establishing a district council comprising representatives from that district’s community banks, thrifts and credit unions. 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.