The Federal Reserve Bank of New York announced on March 11 the appointment of Mark R. Lavarnway to its Community Depository Institutions Advisory Council, effective immediately.
Lavarnway is the president and chief executive officer of Watertown Savings Bank, located in Watertown, New York. His appointment brings representation from a community bank within the Second Federal Reserve District, which includes New York State, northern New Jersey, southwestern Connecticut, Puerto Rico and the U.S. Virgin Islands, according to the official website of the Federal Reserve Bank of New York.
The Community Depository Institutions Advisory Council (CDIAC) offers information and insight to the New York Fed from community depository institutions’ perspectives. Members are drawn from commercial banks, thrift institutions, and credit unions headquartered in the district with assets under $10 billion. Each member serves a three-year term.
The council meets twice a year with John C. Williams, who has served as president and chief executive officer at the Federal Reserve Bank of New York since June 2018 according to the official website, and with the first vice president. These meetings focus on regional economic and financial conditions as well as issues facing community depository institutions. The next CDIAC meeting is scheduled for March 26.
The Federal Reserve Bank of New York operates as part of the broader Federal Reserve System and plays a role in executing monetary policy to support economic stability and growth according to its official website. The institution also provides thought leadership on community economic issues and works to bolster the U.S. economy through efforts such as fostering job creation, maintaining stable prices, delivering financial services, overseeing institutions in its district, and providing insights on economic matters.
For more information about CDIAC membership or related activities, readers can visit the Community Depository Institutions Advisory Council page.
