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The Community Depository Institutions Advisory Council, created in 2011, includes representatives from commercial banks, thrift institutions, and credit unions. The council provides information, advice, and recommendations to the Federal Reserve Bank of Philadelphia from the perspective of community depository institutions.
The Economic and Community Advisory Council (ECAC) was originally created in 2008 and was later enhanced in 2016. The council informs the Bank's senior leadership team about emerging trends, issues, and market conditions in the Third Federal Reserve District and nationwide. The ECAC also extends partnerships with organizations from the private and public sectors and fosters greater integration and collaboration to have a broader impact on the Third Federal Reserve District and to encourage economic growth.
The Federal Advisory Council comprises 12 representatives of the banking industry, one from each Federal Reserve District. Council members meet with and advise members of the Board of Governors on matters including economic conditions, the outlook for loan markets and financial markets, capital and liquidity standards, and community development lending and investment, among other issues. The Philadelphia board of directors annually appoints a representative to the Federal Advisory Council.