HYANNIS – Dorothy A. Savarese, chair and CEO of Cape Cod 5, has been appointed for a second term by the Federal Reserve Board to serve as the president of their Community Depository Institutions Advisory Council (CDIAC) for 2021.
The 12 member CDIAC provides first-hand input to the Federal Reserve Board of Governors about the economy, lending conditions and other related issues pertinent to community depository institutions. The CDIAC is comprised of one delegate from the advisory council for each of the Federal Reserve districts and represents a mix of commercial banks, thrift institutions and credit unions (https://www.federalreserve.gov/newsevents/pressreleases/other20201217b.htm).
“It is a great honor to further collaborate with my colleagues in the community depository industry while supporting the important work of the Federal Reserve,” said Savarese. “Together, we will continue to provide the board with unique insights into local economies and into the integral role played by community depository institutions, like Cape Cod 5, as these institutions serve as a trusted financial resource each day and particularly through uncertain times like these.”
Savarese was appointed to the Federal Reserve Bank of Boston’s First District CDIAC in 2018, for which she served as Chair in 2020. Savarese is past chair of the American Bankers Association and has served on the FDIC Advisory Committee on Community Banking.