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Last Updated: 03/17/15

News Release: Chicago Fed Announces New Community Banking Advisory Council Members

New Community Banking Advisory Council Members

CHICAGO (March 17, 2015) -- The Federal Reserve Bank of Chicago today announced three new members of its Community Depository Institution Advisory Council (CDIAC).

Council members represent banks, thrifts and credit unions throughout the Seventh Federal Reserve District, which consists of most of Illinois, Indiana, Michigan and Wisconsin, as well as all of Iowa. The Council meets twice a year at the Chicago Fed to discuss community banking issues such as local economic conditions, the state of small business lending, current banking conditions and perspectives on regulatory matters.

Following are the new members:

  • Kim Sponem; President and Chief Executive Officer; Summit Credit Union; Madison, WI. She lives in Cottage Grove, WI
  • Rick Goedert; President and Chief Executive Officer; First State Bank; Saginaw, MI; He lives in Saginaw.
  • Christopher J. Murphy III; Chairman, President and Chief Executive Officer; 1st Source Bank; South Bend, IN He lives in South Bend.

Council members serve staggered three-year terms. For more information about the CDIAC including a complete list of members visit:

https://www.chicagofed.org/cdiac

Federal Reserve Bank of Chicago Background

The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation’s central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government and monitors economic conditions in its District. 

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