ST. LOUIS (1/25/13)--A credit union CEO has been named chairman of the Federal Reserve Bank of St. Louis's Community Depository Institutions Advisory Council (CDIAC).
Glenn D. Barks, president/CEO of First Community CU, Chesterfield, Mo., is the new chairman, succeeding Dennis Terry, an Edwardsville banker. Barks, who has served on the council since it began meeting in 2011, will represent the regional council at biannual meetings of the Fed's Board of Governors CDIAC meetings with Fed Chairman Ben Bernanke.
The regional council meets twice a year to advise St. Louis Fed President James Bullard on the credit, banking and economic conditions experienced by financial institutions and businesses in the fed's Eighth District. It represents Arkansas and parts of Illinois, Indiana, Kentucky, Mississippi, Missouri and Tennessee.
The national-level CDIAC was formed in 2010 as a means for credit unions, community banks and thrifts with assets of $10 billion or less to provide input from their district to the Fed. The Fed District Banks then established local advisory councils, with one representative chosen to serve on the national CDIAC.
Among the outgoing members of the St. Louis Fed's first CDIAC councilis William J. Rissel, president/CEO of Fort Knox FCU, Radcliff, Ky. Barks is the sole credit union representative on the St. Louis council.
Barks is not the only credit union person to serve as chairman of a regional CDIAC. In October, Albany, N.Y.-based SEFCU President/CEO Michael Castallana was named chairman of the New York Fed Bank's CDIAC. He will represent that district on the national CDIAC (News Now Oct. 25).