Established by the Federal Reserve Board of Governors in 2010, the CDIACs in the 12 Federal Reserve districts provide a diverse perspective on the economy, lending conditions, and other issues facing thrift institutions, credit unions, and community banks with different charters and regulators (including state member, state nonmember, and national banks).
"Members of the CDIAC represent community financial institutions from the cities and towns that form the backbone of the New England economy," said Eric S. Rosengren, President and Chief Executive Officer of the Federal Reserve Bank of Boston. "The Council members provide valuable perspectives that inform the Boston Fed's mission of public service across the region."
Members attend two meetings per year at the Federal Reserve Bank of Boston and are asked to share information, offer advice, and make informal recommendations to the Reserve Bank's representatives during active roundtable discussions. The CDIAC members represent the six states in the Federal Reserve's First District: Connecticut (excluding Fairfield County), Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
Council member Chandler Howard of Liberty Bank serves as the First District representative to the national CDIAC, which meets twice a year to advise the Federal Reserve Board in Washington, D.C.
The next meeting of the First District CDIAC will be on April 2, 2015.