NEW YORK—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 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. The next CDIAC meeting will take place on March 29, 2022.
The two new council members are Cynthia C. Merkle, president and CEO of Union Savings Bank in Danbury, Connecticut; and James S. Vaccaro, chair, president and CEO of Manasquan Bank in Wall, New Jersey.
These new council members will serve three-year terms. They are replacing members who left or completed terms at the end of 2021.
For more information, including a list of the full membership, see Community Depository Institutions Advisory Council.