SIOUX FALLS, S.D.–Two credit union CEOs have been named to the Federal Reserve Bank of Minneapolis Community Depository Institutions Advisory Council: Sioux Falls Federal Credit Union President/CEO Fran Sommerfeld and Ideal Credit Union CEO Brian Sherrick.
“It is an honor to be asked to serve on the CDIAC Council,” said Sommerfeld in a statement. “I look forward to sharing best practices and perspectives on the economy with my peers from across the Ninth Federal Reserve District.”
The Community Depository Institutions Advisory Council (CDIAC) was established in 2010 by the Board of Governors to provide input to the Board on the economy, lending conditions, and other issues of interest to community depository institutions. Unlike the Federal Advisory Council, CDIAC 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 twelve Federal Reserve Banks.
“I am honored to be named to this prestigious council and to bring Ideal Credit Union’s perspective and insight to the Ninth District,” said Sherrick. “I look forward to serving in this new capacity and to sharing ideas and engaging with others on issues of importance to our industry and how we operate.”