Vice President - Reserves, Credit, and Applications

Company

Federal Reserve Bank of Boston

Vice President - Reserves, Credit, and Applications

ABOUT THE FEDERAL RESERVE BANK OF BOSTON
 

The Federal Reserve System (System) was founded by Congress in 1913 and serves as the central bank of the United States. Its fundamental mission is to foster the stability, integrity, and efficiency of the nation’s monetary, financial, and payment systems to promote optimal economic performance. 

As part of the nation’s central bank, the Boston Reserve Bank promotes sound growth and financial stability in New England (Connecticut – except Fairfield County, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont) and the nation. The Bank's unique contributions to its local communities, region, and the nation are founded on high-quality research and bank supervisory activities, excellence in supporting financial services and financial markets stability, leadership in payments innovation, and a commitment to supporting economic well-being in communities. The Bank holds several key System roles, including leading the Financial Support Office, which manages the System budget. The Bank also develops and leads innovative payments programs and played a central leadership role in the Federal Reserve’s crisis responses both during the Great Financial Crisis (2008) and global pandemic (2020). The Bank is a thought leader and innovator in numerous areas. Among its most critical responsibilities:

• Conducting leading-edge research and education on monetary policy, financial markets and stability, and important regional and national economic concerns.
• Providing financial stability expertise through a deep knowledge of money markets and the institutions key to those markets.
• Conducting dynamic, comprehensive bank supervision through on-site examination and by monitoring banking conditions, practices, and emerging issues.
• Providing efficient, high-quality payments services for depository institutions.
• Transforming the nation’s payments system by leading the development of the FedNowSM Service (“FedNow”), a real-time gross payments settlement system.
• Pursuing cooperative endeavors with business, community, and government leaders to address key local and regional economic issues, often with a focus on community development and economic opportunity.
• Supporting and improving economic outcomes for the broader community, particularly low- and moderate-income individuals. This commitment is reflected in our research on race and its link to economic well-being, our Working Places community development programs, and our initiative to improve the quality of low-wage jobs.
• Building institutional expertise and flexibility by identifying, engaging, and developing a highly trained and diverse staff.
• Providing leadership to System initiatives and interacting with other regulatory bodies and central banks.

The Bank is a business leader in Greater Boston and throughout the First District. We serve as an important business community advisor in areas of economic and workforce development. Our President and Bank leaders are engaged with numerous organizations that support the First District community, including professional associations and academic boards.

The Bank’s approximately 1,300 employees are based mostly in the First District and they take great pride in working for an organization whose mission is to promote sound economic growth, financial stability in the New England area and the United States. We are proud of our strong organizational culture, which is built on our four core values: integrity, leadership, diversity and inclusion, and innovation.

ABOUT THE POSITION
 

The Supervision, Regulation and Credit (SRC) Department serves the public by:

• Promoting financial stability and public confidence in the bank system through:
  • Our high value contributions to System supervision, regulation and credit efforts, with an emphasis on First District banking organizations; and
  • Our integration of the discount window, reserves, counterparty credit risk control, statistical data management, supervisory and regulatory work in support of effective monetary policy
• Protecting consumers by ensuring financial institutions comply with laws and regulations as well as encouraging those institutions to responsibly meet the needs of their communities.
• Contributing to policy through our expertise in the analysis of risk faced by domestic and global financial service organizations.
   

This position is responsible for overseeing the effective management and administration of the Reserves, Credit Risk Management, and Applications (RCA) functions within SRC.  Functional responsibilities include oversight and management of Reserve Bank overnight and intra-day count