Posted in Finance 30+ days ago.
Type: Full-Time
Location: Boston, Massachusetts
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.
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:
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:
This position is responsible for overseeing the effective management and administration of the Credit Risk Management (CRM) Policy function and the Applications function. The CRM Policy group maintains an in-depth knowledge of the CRM business line; assesses the risks posed by institutions with unique business models; assesses emerging/novel issues affecting the CRM business line; leads and contributes to a diverse array of System and local CRM initiatives; and actively engages with the Bank’s Credit Risk Management Committee, comprised of several members of the Bank’s executive committee. Applications function responsibilities include regulatory review of applications filed by banks and bank holding companies under the Bank Holding Company Act, the Federal Reserve Act, the Bank Merger Act, the Change in Bank Control Act and, for foreign applications, Regulation K, including assessment of the financial condition and managerial resources of the applicant, the competitive, regulatory and legal implications of the proposed transaction and the convenience and needs of the communities to be served. Given the breadth and depth of the teams’ financial, regulatory and markets experience, they also actively participate in a broad range of department, Reserve Bank and Board of Governors’ strategic initiatives.
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.
We will be taking down the posting on 4/19.
The scope of the role includes, but is not limited to:
EXPECTATIONS AND REQUIREMENTS
Knowledge and experience normally acquired through, or equivalent to, the completion of an MBA in finance or economics or advanced degree in a relevant field and a minimum of 10 years of Applications regulatory experience and/or experience influencing policy initiatives in the banking supervision, regulation or credit risk management space, including at least 7 years in a management role. In addition, the successful candidate must have a strong commitment to public service.
LEADERSHIP CAPABILITIES
In addition to the Bank’s leadership competencies listed above, the successful candidate would demonstrate the following:
OTHER REQUIREMENTS
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:
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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