The Federal Reserve Board has announced the appointment of five new members to its Community Advisory Council (CAC), replacing five whose terms concluded in December 2023.
According to a press release issued by the Board, the newly appointed members, each serving a three-year term, are Roberto Gallardo, Vice President for Engagement and Associate Professor of Agricultural Economics at Purdue University; Renata Kowalczyk, CEO of the Wilmington Alliance; Jose Quinonez, CEO of the Mission Asset Fund; Bruce Schultz, Vice President of Community Development Banking Strategy at Gateway First Bank in Tulsa, Oklahoma; and Justin Slattery, Executive Director of the Belknap Economic Development Council.
The Board's press release also reveals that these new members succeed former Chair Dan Betancourt, Darlene Lombos, Laura Murillo, Arjan Schutte, and Kendra Smith.
As per information on the Board’s website, it established the CAC in 2015 with an aim to monitor and report on economic conditions and financial services needs of consumers and communities. The CAC puts particular emphasis on issues affecting low- and moderate-income populations. The council meets twice annually with the Board of Governors in Washington D.C.
The website further states that the CAC last met with the Board on October 19th, 2023. During this meeting, members discussed developments in small business credit availability, housing inventory shortage issues, labor shortages challenges. They also addressed data limitations hindering full assessment of fair lending practices; disparities in federal funding usage at state and local levels; and how policy interventions centered around core areas of need can provide relief and opportunity to marginalized individuals.