New Chairman Appointed to New York Fed’s Community Depository Institutions Advisory Council

Oct 24 - The Federal Reserve Bank of New York has announced that Michael J. Castellana, president and CEO of SEFCU, Albany, N.Y., is the new chairman of its Community Depository Institutions Advisory Council, effective immediately.

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.

Council members are representatives from commercial banks, thrift institutions and credit unions with assets under $10 billion headquartered in the Second Federal Reserve District (New York, northern New Jersey, Fairfield County in 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.

In addition, Castellana will represent the Second District on the Federal Reserve Board’s CDIAC, effective immediately. The board’s council, which meets twice a year in Washington, D.C., is composed of one member from each of the 12 local Reserve Bank CDIACs.