ABA Members Named to 2017 Fed Advisory Council

The Federal Reserve today announced the members of its 2017 Community Depository Institutions Advisory Council, including two ABA member bank executives who will serve as the panel’s president and vice president.

Janet Garufis, president and CEO of Montecito Bank and Trust in Santa Barbara, Calif., will be the council’s president. Gilda M. Nogueira, president and CEO of East Cambridge Savings Bank, Cambridge, Mass., will serve as vice president. Five other ABA members also will serve on the 2017 council, including former ABA Chairman Jeff Plagge, president and CEO of Northwest Financial Corp., Arnolds Park, Iowa.

The CDIAC advises the Fed on the economy, lending conditions and other issues. Members are selected from representatives of commercial banks, thrift institutions and credit unions serving on local advisory councils at the 12 Federal Reserve Banks. One member from each of those councils serves on the CDIAC, which meets twice a year with the Fed board in Washington.