Each of the 12 Reserve Banks around the country has a local advisory council, and one representative from each local council serves on the national council that meets with the Board in Washington twice a year.
These meetings allow the Federal Reserve Board to hear directly from community bankers about supervisory and regulatory issues that affect their institutions as well as about local economic trends. At a recent meeting, for example, one of our CDIAC members asked us to be clearer about whether particular rules and guidance apply to community banks.