NEW YORK (9/23/09)--The Federal Reserve Bank of New York has named 11 individuals to serve on its Community Affairs Advisory Council. Among them is Clifford Rosenthal, president/CEO of the National Federation of Community Development Credit Unions.
Rosenthal is the council's only representative currently working directly with credit unions. The council is an information-sharing group to elicit "ground-level intelligence on conditions and challenges for low- and moderate-income communities," said the New York Fed in a press release. The Fed will use the feedback and information from the council for the Fed's knowledge building and outreach efforts relating to those communities. "The council is an effective way for us to hear a broad range of perspectives about our communities in a regular and consistent way from local experts," said Kausar Hamdani, vice president and head of the Community Affairs Office at the New York Fed. Rosenthal noted that the appointment is "an honor," adding, "The creation of this council shows a real commitment by the Federal Reserve Bank of New York to promote mainstream financial services in underserved constituencies. I look forward to working with the rest of the council to assist the bank in developing programs that benefit low- and moderate-income people and communities." Rosenthal previously served on the Consumer Advisory Council of the Federal Reserve Board from 1989 through 1991. Other appointees to the community affairs council include Cathie Mahon, executive director of the New York City Department of Consumer Affairs, Office of Financial Empowerrment. She is a former community development credit union practitioner and senior federation staff member.