WASHINGTON (10/4/10)--The establishment of the new Community Depository Institutions Advisory Council (CDIAC) was announced by the Federal Reserve on Friday. In a release, the Fed said that the council, which will include credit union, bank and thrift representatives, “will provide input to the (Fed) on the economy, lending conditions, and other issues.” The Fed will select one member from each of its 12 Fed local advisory councils to serve on the new council. The Fed and the CDIAC will meet twice a year in Washington. The CDIAC replaces the Thrift Institutions Advisory Council, which has been active since 1981. Michael Kloiber of Oklahoma’s Tinker FCU and Randy Smith of Texas’s Randolph-Brooks FCU are currently serving on the Thrift Institutions Advisory Council. The 12 local advisory councils should begin meeting in “early 2011,” with the CDIAC scheduled to hold its first meetings later in that year, the Fed said. For the full release, use the resource link.