JPMorgan Chase's Lake named to Fed advisory council

Marianne Lake, co-chief executive officer of consumer and community banking at JPMorgan Chase, has been appointed to the Federal Reserve Board's Federal Advisory Council for a one-year term. 

Lake is the joint head, along with Jennifer Piepszak, of JPMorgan's largest division. Both she and Piepszak are among those often said to be in the running to succeed CEO Jamie Dimon whenever he retires. She's a 20-year veteran of the company, having previously been chief executive officer of consumer lending and chief financial officer. 

Lake joins 11 other industry representatives on the advisory council from each of the 12 Fed districts; the council also has a secretary and a deputy secretary.  Bank of America CEO Brian Moynihan, for example, serves for the fifth district, the home base of the Federal Reserve Bank of Richmond.

Lake, who was appointed by the New York Fed to represent the second district, is the only current member of the council who is not a CEO. 

The council typically meets four times a year in Washington, D.C. It helps advise the Fed's board of governors, and its members usually serve three one-year terms.