A prominent Latino leader is the new chair of the Federal Reserve Board’s Community Advisory Council.

It was announced on March 3, that Daniel Betancourt has been appointed to the board chair role.

He was originally appointed to the CAC in 2020, and most recently served as the council’s Vice Chair.

Betancourt is also the President and CEO of Community First Fund, a role he has held since 1999. 

Under his leadership, Community First Fund has grown into a revered regional Community Development Financial Institution (CDFI), attracting multi-million-dollar investments with nearly $230 million under management.

In May 2020, it was announced that Community First Fund would be merging with FINANTA to create a larger entity, effectively making a greater impact and driving more change in the communities they both serve. The merger became official in July 2020. 

Last year, Community First Fund launched its federally chartered credit union, for which Betancourt also serves as President and CEO. 

Betancourt has accumulated more than 30 years of experience in small business and economic development lending. 

This is just the latest board role that Betancourt holds. He is also a member of the Federal Reserve Bank of Philadelphia’s President’s Council, and serves on the boards of director for the Expanding Black Business Credit Initiative, the Greater Philadelphia Hispanic Chamber of Commerce, Impact Services of Philadelphia, and Elizabethtown College. 

He is also Chairman of the Pennsylvania CDFI Network, where his leadership was instrumental in the development of the COVID-19 Relief Pennsylvania Statewide Small Business Assistance program. 

In addition to Betancourt, the CAC Board also selected four new members to serve.

The four new members are Carlos J. Contreras III, President & CEO of Goodwill Industries of San Antonio; Feam Gupton, rural development manager at the South Carolina Department of Commerce; Michelle Ka’uhane, senior vice president & chief impact officer at Hawaii Community Foundation; and Megan Langley, executive director of Strengthen North Dakota.

Each new member will serve a three-year term, and will join 11 existing members. 

The CAC is comprised of a diverse group of experts and representatives of consumer, workforce, and community development organizations and interests.

Since it was founded in 2015, the CAC has strived to bring together diverse perspectives on the economic circumstances and financial services needs of consumers and communities, with a particular focus on low- and moderate-income populations. 

CAC members provide information, advice, and recommendations to the Board on relevant policy matters and emerging issues of interest.