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, which is based in Watertown, New York. The council brings together representatives from commercial banks, thrift institutions, and credit unions headquartered in the Second Federal Reserve District with assets under $10 billion. Members serve three-year terms and provide information and insight to the New York Fed from the perspective of community depository institutions.
The council meets twice a year with the president and first vice president of the New York Fed to discuss regional economic and financial conditions as well as other issues facing community depository institutions. The next meeting is scheduled for March 26.
The Federal Reserve Bank of New York provides thought leadership on community economic issues, according to the official website. It operates as part of the Federal Reserve System and covers 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 its official website.
John C. Williams has served as president and chief executive officer at the Federal Reserve Bank of New York since June 2018 according to its official website. The bank works to bolster the U.S. economy through efforts such as fostering job creation, maintaining stable prices, driving economic growth, delivering financial services, overseeing institutions in its district, providing insights on economic matters, and executing monetary policy to support stability and growth according to its official website.
