ADVISORY GROUPS

ADVISORY GROUPS 65 FEDERAL RESERVE BANK of NEW YORK 2014 ANNUAL REPORT

ADVISORY GROUPS

ADVISORY COUNCIL ON COMMUNITY DEPOSITORY INSTITUTIONS SMALL BUSINESS AND ADVISORY COUNCIL AGRICULTURE Chair JAMES W. FULMER MICHAEL ARNOFF MICHAEL J. CASTELLANA Chairman, President, President President and Chief Executive Officer and Chief Executive Officer Arnoff Moving and Storage SEFCU Tompkins Bank of Castile Albany, N.Y. Albany, N.Y. Batavia, N.Y. ALEJANDRO BALLESTER ROBERT G. ALLEN President SALEEM IQBAL Ballester Hermanos, Inc. President and Chief Executive Officer President and Chief Executive Officer Cataño, Puerto Rico Teachers Federal Credit Union HAB Bank Hauppauge, N.Y. STEWART BRUNHOUSE New York, N.Y. President JOHN R. BURAN KATHERINE J. LISENO A&A Company, Inc. President and Chief Executive Officer South Plainfield, N.J. President and Chief Executive Officer Flushing Bank and Flushing Metuchen Savings Bank WILLIAM M. BYRNE, JR. Financial Corp. Metuchen, N.J. Chairman of the Board Lake Success, N.Y. Byrne Dairy, Inc. MARY D. MADDEN Weedsport, N.Y. LISA M. CATHIE President and Chief Executive Officer DAVID CAMPBELL President and Chief Executive Officer Hudson Valley Federal Credit Union President and Chief Executive Officer Ulster Savings Bank Poughkeepsie, N.Y. Ring’s End, Inc. Kingston, N.Y. Darien, Conn. THOMAS J. SHARA MARTIN A. DIETRICH President and Chief Executive Officer ERIC CASLOW President and Chief Executive Officer President Lakeland Bank and NBT Bank, N.A., and Acme Smoked Fish Corporation Lakeland Bancorp, Inc. NBT Bancorp, Inc. Brooklyn, N.Y. Oak Ridge, N.J. Norwich, N.Y. MARGARET KRUMHOLZ JOHN F. TRENTACOSTA President JOSÉ RAFAEL FERNÁNDEZ President and Chief Executive Officer Disc Graphics Inc. President, Chief Executive Officer, Newtown Savings Bank Hauppauge, N.Y. and Vice Chairman Newtown, Conn. DEBORAH LEO Oriental Bank and OFG Bancorp President San Juan, P.R. Retail Solutions Center Freeport, N.Y. PETER MAGLATHLIN Chief Executive Officer MBI, Inc. Norwalk, Conn. PATRICK MAROTTA President/Chief Executive Officer Marotta Controls Montville, N.J.

ADVISORY GROUPS 66 FEDERAL RESERVE BANK of NEW YORK 2014 ANNUAL REPORT

ECONOMIC ADVISORY WHOLESALE SECURITIES CUSTOMER ADVISORY GROUP PANEL MICHAEL ALBANESE JANICE HAMILTON ALAN S. BLINDER Executive Director Senior Vice President Princeton University JPMorgan Chase Bank, N.A. The Northern Trust Company

JULIA L. CORONADO BRENT BLAKE CHRIS HARPER Graham Capital Management, L.P. Vice President Director, Operations State Street Bank and Trust Company Federal Home Loan Banks – Office MICHAEL E. FEROLI of Finance JPMorgan Chase TERRY BOUTHILET Vice President ELKE JAKUBOWSKI JEFFREY FRANKEL Wells Fargo Bank, N.A. Vice President Harvard University The Depository Trust and Clearing MICHAEL J. BROWN Corporation MARK GERTLER Vice President, Capital Markets New York University Operations DEBORAH MERCER-MILLER MARVIN GOODFRIEND Fannie Mae Senior Vice President Citibank, N.A. Carnegie Mellon University KEVIN CAFFREY AUSTAN GOOLSBEE Managing Director ROB RAYMOND University of Chicago The Bank of New York Mellon, N.A. Vice President Bank of America/Merrill Lynch JAN HATZIUS DANIEL CROZIER Goldman Sachs & Company Vice President, Director of Capital DARA N. SEAMAN Markets Operations Assistant Commissioner, Treasury PETER HOOPER U.S. Bank Security Services Deutsche Bank Securities, Inc. U.S. Department of the Treasury CARL D’ANGELO GLENN HUBBARD Director, Investments and Columbia University Capital Markets Freddie Mac ANIL KASHYAP University of Chicago JOHN T. DAUGHERTY Vice President and Deputy Director, N. GREGORY MANKIW Office of Securities Operations Harvard University Ginnie Mae FREDERIC MISHKIN Columbia University

CARMEN M. REINHART Harvard Kennedy School

KENNETH ROGOFF Harvard University

MICHAEL WOODFORD Columbia University

ADVISORY GROUPS 67 FEDERAL RESERVE BANK of NEW YORK 2014 ANNUAL REPORT

FEDERAL ADVISORY INVESTOR ADVISORY COMMITTEE ON FINANCIAL MARKETS COUNCIL

Second District Member NICOLE ARNABOLDI SCOTT MINERD JAMES P. GORMAN Vice Chairman, Asset Management Global Chief Investment Officer Chairman and Chief Executive Officer Credit Suisse Group and Managing Partner Morgan Stanley Guggenheim Partners LOUIS BACON* New York, N.Y. Chairman, Chief Executive Officer, MICHAEL NOVOGRATZ and Founder President and Director Moore Capital Management, LP Fortress Investment Group LLC

TIM BUCKLEY RICK RIEDER Chief Investment Officer Chief Investment Officer and Vanguard Co-Head of Americas Fixed Income BlackRock, Inc. JAMES CHANOS Founder and President JES STALEY Kynikos Associates Managing Partner BlueMountain Capital MARY CALLAHAN ERDOES Management, LLC Chief Executive Officer J.P. Morgan Asset Management MORGAN STARK Managing Member BRITT HARRIS Ramius LLC Chief Investment Officer Teachers Retirement System of Texas DAVID TEPPER Founder and President JOSHUA HARRIS Appaloosa Management L.P. Founder and Chief Investment Officer Apollo Management

ALAN HOWARD Founder Brevan Howard

DEREK KAUFMAN Head of Global Fixed Income Citadel LLC

*At the time of publication, no longer a member of the IACFM.

ADVISORY GROUPS 68 FEDERAL RESERVE BANK of NEW YORK 2014 ANNUAL REPORT

MONETARY POLICY UPSTATE NEW YORK REGIONAL ADVISORY BOARD ADVISORY PANEL AMINY I. AUDI JAMES P. LAURITO MARKUS BRUNNERMEIER President and Chief Executive Officer President Princeton University L. & J. G. Stickley Central Hudson Gas and Electric Manlius, N.Y. Corporation MARK GERTLER Poughkeepsie, N.Y. New York University SCOTT BIELER President JORDAN LEVY NOBUHIRO KIYOTAKI West Herr Automotive Group, Inc. New York Partner Princeton University Orchard Park, N.Y. SoftBank Capital Buffalo, N.Y. FREDERIC MISHKIN TIM BUSCH Columbia University Executive Vice President and MELANIE LITTLEJOHN RICARDO REIS Co-Chief Operating Officer Regional Director of Community Columbia University Nexstar Broadcasting Group, Inc. and Customer Management Irving, Tex. National Grid (Central New York CHRISTOPHER SIMS Division) GARY CROSBY Princeton University North Syracuse, N.Y. President and CEO MICHAEL WOODFORD First Niagara Financial Group LINDA MCFARLANE Columbia University Buffalo, N.Y. President and Chief Executive Officer Community Loan Fund of the WILLIAM GISEL Capital Region President and Chief Executive Officer Albany, N.Y. Rich Products Corporation Buffalo, N.Y. MARTIN MUCCI President and Chief Executive Officer LAWRENCE KESSLER Paychex, Inc. Co-Owner and Founder Rochester, N.Y. Kessler Family LLC Rochester, N.Y. ROBERT L. STEVENSON President and Chief Executive Officer DR. ANNE KRESS Eastman Machine Company President Buffalo, N.Y. Monroe Community College Rochester, N.Y. CARLOS UNANUE President Goya de Puerto Rico, Inc. Bayamón, P. R.

ADVISORY GROUPS 69 FEDERAL RESERVE BANK of NEW YORK 2014 ANNUAL REPORT

WHOLESALE PAYMENTS ADVISORY GROUP

MICHAEL BELLACOSA STEVE FULLENKAMP ROSEANNE ROSENBERGER Director Vice President Senior Product Manager The Bank of New York Mellon JPMorgan Chase KeyBank

KEFEI CHANG MIGUEL GUERRERO MARY KATE SAVINI Director Vice President Assistant Vice President Deutsche Bank PNC Bank State Street Bank and Trust Corporation

JITENDRA CHAUHAN JAMES KENNY JOHN ZAZZERA Director Director Senior Vice President Citigroup Bank of America TD Bank

MITCHELL CHRISTENSEN VANESSA LIN Executive Vice President Senior Vice President Wells Fargo Bank HSBC Bank, USA

JEFFREY DUNN MARIE-JUDE MAIGNAN Vice President Director US Bank Corporation UBS

ADVISORY GROUPS 70