Chelsea, Michigan Resident Appointed Chairman of Chicago Fed Community Depository Institutions Advisory Council
CHICAGO - The Federal Reserve Bank of Chicago (FRBC) today announced the appointment of Timothy G. Marshall, president and CEO of Bank of Ann Arbor, Ann Arbor, Mich., to serve a one-year term as the local chairman of the FRBC’s Community Depository Institutions Advisory Council (CDIAC).
CDIAC members represent banks, thrifts and credit unions throughout the Seventh Federal Reserve District, which consists of most of Illinois, Indiana, Wisconsin, and Michigan, as well as Iowa. They meet twice a year at the FRBC to discuss community banking issues such as local economic conditions, the state of small business lending, current banking conditions and regulatory perspectives.
As part of his responsibilities, Marshall will report to the Federal Reserve Board of Governors in Washington, D.C. and represent the perspectives of the Seventh District at the national CDIAC meeting. He will replace Ms. Barrie G. Christman, chairman and CEO of Principal Bank, who will continue to serve on the FRBC’s council as a thrift representative. Other than the change in the chair, the composition of the council remains intact.
All council members serve staggered terms through 2013. For more information about the CDIAC including a complete list of members, log onto www.chicagofed.org/webpages/people/cdiac.cfm.
Federal Reserve Bank of Chicago Background
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.