Three representatives of banks and credit unions were appointed to three-year terms on the Community Depository Institutions Advisory Council (CDIAC) of the New York Federal Reserve Bank, the bank announced Monday. The appointments are effective immediately – just in time for a council meeting slated Tuesday.
The new council members are Nancy E. Graves, president and CEO of Bank of New Jersey in Englewood Cliffs, N.J.; Faheem A. Masood, president and CEO of ESL Federal Credit Union in Rochester, N.Y.; and Avner Mendelson, president and CEO of Bank Leumi in New York, N.Y.
The three replace members who left or completed terms on the council at the end of 2017, the bank said.
The New York Fed’s CDIAC has representatives from commercial banks, thrift institutions, and credit unions that have assets of less than $10 billion and are headquartered in the Fed’s Second District (New York, Northern New Jersey, Fairfield County Connecticut, Puerto Rico, and the U.S. Virgin Islands). The council’s purpose is to provide information and insight to the New York Fed from the perspective of community depository institutions.
The Fed bank’s president and first vice president meet with the council twice a year to discuss regional economic and financial conditions, and other issues confronting community depository institutions.