Bank Founder and CEO Appointed to Second Term on Federal Reserve System National Community Depository Institutions Advisory Council
Austin, TX (Dec. 17, 2020) – Erik Beguin, founder and CEO of Austin Capital Bank, has been named for the second time to serve on the Board of Governors of the Federal Reserve System to serve on its national Community Depository Institutions Advisory Council (National CDIAC), it was announced today by the Federal Reserve System.
The National CDIAC advises the Board on the economy, lending conditions, and other issues of interest to community depository institutions. Members are selected from representatives of commercial banks, thrift institutions, and credit unions serving on local advisory councils at the 12 Federal Reserve Banks. One member of each of the Reserve Bank councils serves on National CDIAC, which meets twice a year with the Federal Reserve Board in Washington, DC.
“It was an immense honor last year to have been selected by the Board of Governors of the Federal Reserve System to serve in an advisory role, but it’s truly humbling to have been nominated a second consecutive time to offer my services,” said Beguin. “Being able to provide counsel to our nation’s central bank on behalf of local community banks and communities during these challenging times will hopefully have a positive impact for the industry and society.”
Board of Governors of the Federal Reserve System
The Board of Governors–located in Washington, D.C.–is the governing body of the Federal Reserve System. It is run by seven members, or “governors,” who are nominated by the President of the United States and confirmed in their positions by the U.S. Senate. The Board of Governors guides the operation of the Federal Reserve System to promote the goals and fulfill the responsibilities given to the Federal Reserve by the Federal Reserve Act. All of the members of the Board serve on the FOMC, which is the body within the Federal Reserve that sets monetary policy for the United States of America.
About Austin Capital Bank
Austin Capital Bank is a 5-Star rated, FDIC-insured, independent community bank located in Austin, Texas. Austin Capital Bank is consistently recognized as a top performing financial institution and has been ranked on consecutive INC. 5000 lists since 2016. Austin Capital Bank is unique among community banks in that it defines ‘community’ as a common set of needs and values vs the traditional geographic focus of community banks. Austin Capital Bank offers proprietary branded digital banking services nationwide enabled by its own custom-built banking-as-a-service platform and digital banking products group.