The Federal Reserve Bank of New York recently announced that Mark Lavarnway has been appointed to the Community Depository Institutions Advisory Council (CDIAC), effective immediately. Lavarnway is Watertown, N.Y.-based Watertown Savings Bank president and CEO.
The council is tasked with providing the New York Fed with information and insight from the perspective of community depository institutions. It is composed of representatives from commercial banks, thrift institutions and credit unions in the Second District with assets under $10 billion. Council members generally serve three-year terms that expire in December.
The New York Fed’s president and first vice president meet twice annually with the council to discuss regional economic and financial conditions, and any issues confronting community depository institutions.
The next CDIAC meeting will be held on March 26.
The Federal Reserve Bank of New York is one of 12 regional Reserve Banks that comprise the Federal Reserve System. The New York Fed oversees the Second Federal Reserve District, which includes New York state, the 12 northern New Jersey counties, Fairfield County in Connecticut, Puerto Rico and the U.S. Virgin Islands. The New York Fed is the largest reserve bank in terms of assets and volume of activity. It employs approximately 2,700 officers and staff.