Grand Forks banker selected for Fed’s advisory council

The Federal Reserve Bank of Minneapolis has selected Brian Johnson of Choice Financial Group, Grand Forks, N.D., to chair a council which advises the Board of Governors of the Federal Reserve on lending conditions and regulation affecting the community banking industry..As chairman of the Community Depository Institution Advisory Council of the Federal Reserve Bank of Minneapolis, Johnson meets with 10 other chief executives of thrifts, credit unions and banks with less than $10 billion in assets twice in 2014. As chairman, Johnson also will participate in the Community Depository Institution Advisory Council of the Board of Governors of the Federal Reserve, which also will meet twice in 2014. Johnson will be joined by the chairman of the 11 other CDIA Councils of the other 11 districts of the Federal Reserve..Johnson has served on the CDAI Council of the Federal Reserve Bank of Minneapolis since the council was founded in 2011. With his selection as chairman he begins a three-year term..Johnson said his goal as chairman is to continue to bring the economic conditions of the Ninth District and the trends of the regional economy to the national meeting. "I also want to ensure community banks are recognized for the merits of our work and distinguished from the larger banks that have large investment-based businesses," he said. "I am happy to continue to represent community bankers and want do my part to make sure they continue to be viable sources of credit.".The council had a material impact on the industry in 2013, said Johnson, referring to the recent accommodation of community banks by the Federal Reserve in its Basel III rules. Johnson said his council was one voice among many that were appealing to the Fed on behalf of community banks. Nonetheless, "our meetings were an apolitical environment in which we considered regulations," he said. "The Fed used us to vet legislative rules. Dodd-Frank and Basel III took hard work as we strove to bring the Fed insights from bankers' perspectives and from customers' perspectives.".The council was formed to give community institutions a voice in Federal Reserve policy, Johnson said. He has found the Minneapolis Fed has lent its ear to the council. Narayana Kocherlakota, president Federal Reserve Bank of Minneapolis, has attended every meeting of the Ninth District council. "We have access directly to him," he said. "He has shown willingness to heed community banks."