WASHINGTON (3/3/16)--The Federal Reserve has selected Lourdes Cortez, president/CEO of North Jersey FCU, to serve on its Community Depository Institution Advisory Council (CDIAC). The body is currently led by another credit union leader, Michael J. Castellana, president/CEO of SEFCU, Albany, N.Y.
Cortez has been in the credit union system for more than 30 years, and has made community involvement a priority for North Jersey FCU, headquartered in Totowa, N.J.
“I am certainly honored to become a part of such an important council. Since my team and I have significantly grown our credit union through a variety of strategies, I hope to provide input on issues and lessons learned about financial institutions and the communities we serve,” she said in response to the appointment.
In addition to Cortez and Castellana, Glenn D. Barks, president/CEO of First Community CU, Chesterfield, Mo., and Jan Roche, president/CEO of State Department FCU, Alexandria, Va., are on the 2016 council.
The CDIAC was established to provide input to the Fed board on the economy, lending conditions and other issues of interest to community depository institutions. It is not a statutory body, but it performs a parallel function in providing first-hand input to the board on the economy, lending conditions and other issues.
Members are selected from representatives of banks, thrift institutions and credit unions serving on newly created local advisory councils at the 12 Federal Reserve Banks.