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Assistant Vice President, Reserves, Credit & Applications

Federal Reserve Bank of Boston

Company

Federal Reserve Bank of Boston

Assistant Vice President, Reserves, Credit & Applications

This job is eligible for a hybrid schedule with some on-site work expected. The individual is excepted to reside in the 1st District unless you were given an exception.

Department / Division: Supervision, Regulation and Credit

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 Credit Risk Management Policy function and the Applications function. Credit function responsibilities include effective management of overnight and systemic crisis counterparty credit risk associated with Discount Window collateral administration and lending programs, facilitation of orderly closings and avoidance of Reserve Bank loss in First District depository institution failures, and leading and/or developing Reserve Bank contributions to System Discount Window lending and collateral policies. Applications function responsibilities include regulatory review of bank and financial holding company formations, mergers and acquisitions, Federal Reserve state bank membership applications, changes in the control of such entities and the commencement of international activities by domestic and foreign banking organizations in the First District. In addition, the successful candidate must have a strong commitment to public service. 

This position reports to the Vice President of the Reserves, Credit, and Applications unit and oversees approximately 15 professionals comprised of managers, specialists, and analysts. As an Assistant Vice President, the individual will serve as a key member of the department’s leadership team.

The scope of the role includes, but is not limited to:

  • Overseeing and directing activities of the RCA functional areas through direct supervision of two or more managers within those areas.
  • Leading or representing the Bank on strategic initiatives of System workgroups and committees.
  • Developing and maintaining strong working relationships with numerous partners including department and Reserve Bank leadership, other business lines, Board of Governors staff, Federal Reserve System groups, external regulatory agencies, and depository institutions.
  • Assessing and presenting emerging issues to the Bank's Credit Risk Management Committee and overseeing related reporting for the Board of Directors.
  • Participating in annual budget planning and preparation, and ensuring the allocation of adequate resources (staff, equipment, and space) necessary to accomplish the short- and long-term goals and objectives of the functional areas.
  • Overseeing the administration of personnel related matters including performance management, salary administration and professional development. Fosters a culture of diversity, equity, and inclusion.
  • Contributing to the development of department/unit strategic goals and objectives, budgeting, resource management and allocation, tactical decision making and priority setting, and other administrative requirements.
  • Helping to drive and support the Bank’s mission, strategy and culture through active engagement in key dialogues, demonstrating intentional and inclusive leadership, and volunteering for Bank activities to serve as a role model for our employees and the communities we serve.

EXPECTATIONS AND REQUIREMENTS

Knowledge and experience normally acquired through, or equivalent to, the completion of an MBA or advanced degree in a relevant field and a minimum of 10 years of job-related experience, including at least 7 years in a management role.

LEADERSHIP CAPABILITIES

  • Champion an inclusive environment to lead the System’s Diversity, Equity, and Inclusion goals.
  • Lead with a strategic, action-oriented mindset that is focused on performance, accountability, and outcomes.
  • Drive results that are beneficial to System and local efforts (demands).
  • Be a role model and serve as an active talent champion, coach, mentor, and connector.
  • Engage in intellectual curiosity, agility, and experimentation to drive innovation.
  • Build trust and serve as a helpful and contributing colleague.
  • Embrace and demonstrate a growth mindset including the new principles and practices as the future of work evolves.

In addition to the Bank’s leadership competencies listed above, the successful candidate would demonstrate the following: 

  • Deal with complex situations through high quality decision-making and problem solving;
  • Drive engagement by creating a work environment that motivates employees to do their best; and
  • Demonstrate interpersonal savvy by relating openly and comfortably with others.

OTHER REQUIREMENTS

  • Eligibility to work in the United States or Eligibility for a top-secret-level security clearance which necessitates the candidate be a US Citizen.
  • Residency in the First District within commuting distance of the office to manage a team with a frequent on-site presence.
  • Willingness to travel (up to 10%), both domestically and internationally.

The Bank provides comprehensive and highly competitive benefits.

The Federal Reserve Bank is committed to a diverse, equitable and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

This position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years. All candidates must undergo an enhanced background check and comply with all applicable information handling rules.

The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

ETHICS CONSIDERATION AND PROHIBITED ACTIVITIES

It is indispensable to the proper functioning of, and the maintenance of public confidence in, the Federal Reserve, for the Bank and the System to function properly and maintain high public confidence. It is essential for every employee to perform their duties with honesty, integrity, and impartiality, without improper preferential treatment of any person or organization. Bank employees are subject to federal criminal statutes that prohibit financial conflicts of interest ( e.g., an employee cannot work on any matter in which they or certain employee-affiliated parties have a financial interest). In addition, the Bank’s code of conduct generally prohibits activities such as:

  • Outside activities that are inconsistent with the employee’s duties and responsibilities, e.g., holding a position as a director of a publicly traded company
  • Certain partisan political activities, such as fundraising or holding partisan elected office.

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Executive

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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Confirmed 23 hours ago. Posted 6 days ago.

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