Thursday, December 14th, 2017

Murphy to serve as a member of CDIAC

Posted: Friday, September 22, 2017

The Federal Reserve Board selected Christopher J. Murphy, 1st Source Bank Chairman and CEO, to serve as a member of the 2018 Community Depository Institutions Advisory Council (CDIAC) in Washington, D.C. The announcement was made on Wednesday, August 30.

The CDIAC advises the Federal Reserve Board on local economic conditions, the impact of regulations, and the Federal Reserve’s operational services and oversight of community depository institutions. Murphy just completed a three-year term on the Federal Reserve Board of Chicago’s CDIAC and was reappointed to an additional term to serve as the Council’s Chairman.

Murphy stated, “As the purpose of the Council is to advise the Fed with regard to community banking, I am honored to represent my colleagues in Washington. Community banking is at the heart of the economy serving people, smaller and mid-sized businesses, community organizations, and municipal governments on a very local basis. Preserving their strength is important to the continued success of many places in this country. Also, we provide the Federal Reserve Board with an on-the-ground look at the economy across the country which is important to their deliberations on interest rates and macro-economic policy. Obviously, it is an honor to serve on the CDIAC.”

Council members are selected from representatives of commercial banks, thrift institutions and credit unions serving on local advisory councils at each of the 12 Federal Reserve Banks. The Chair of each Council then represents that Federal Reserve District in Washington.

Murphy has served as a board member of 1st Source for over 45 years and was named president and CEO of the Bank in 1977, CEO of the Corporation in 1979, and Chairman in 1998. Murphy received a B.A. in Government from the University of Notre Dame, a Juris Doctor from the University of Virginia Law School, and an M.B.A. (with Distinction) from Harvard University Business School.