Job Description:

Company

Federal Reserve Bank of Boston

Vice President, Large Bank Supervision

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.

The Vice President (VP) and Dedicated Supervisory Team Lead (DST Lead) is responsible for designing and directing the continuous, risk-focused supervision of State Street Corporation (State Street), a globally systemic financial institution and one of the world’s largest custodian and institutional asset manager.  In this role, the DST Lead is responsible for developing a supervisory strategy in conjunction with the national Large Institution Supervision Coordinating Committee (LISCC) Program; coordinating the activities of examiners; obtaining appropriately skilled resources for specific supervisory activities; establishing partnerships with other regulatory authorities; and communicating activities and results to a variety of high-level constituencies.  This position is responsible for establishing effective relationships with senior management and the board of directors of State Street and remaining aware of and contributing to the understanding of industry-wide risk exposures and better practices in risk management.

As a VP, the individual will also be responsible for leading and participating in the management and direction of the Supervision, Regulation and Credit department of the Federal Reserve Bank of Boston.  This is a rotational assignment and the candidate is expected to remain in the role for 2-5 years.  The VP is responsible for overseeing a staff of approximately 20+ employees.  The VP reports to the SVP in charge of LISCC and serves as a key member of the department’s officer and leadership teams.

All Bank officers are expected to help 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.

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

<>·<>·<>·<>·<>·Contribute to the development of department/unit strategic goals and objectives, policies and procedures, budgeting, resource management and allocation, tactical decision making and priority setting, and other administrative requirements.

EXPECTATIONS AND REQUIREMENTS

Knowledge and experience normally acquired through, or equivalent to, the completion of a MBA and a minimum of 15 years of job related experience, including at least 10 years of supervisory/managerial  experience. 
  

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:   

• Manage ambiguity by comfortably dealing with the uncertainty of change;


• Demonstrate organizational savvy by seamlessly maneuvering through complex policies, processes


• and people dynamics; and


• Deal with complex situations through high quality decision-making and problem solving.

OTHER REQUIREMENTS

• Eligibility to work in the United States.


• Residency in the First District within commuting distance of the office to manage a team with a frequent on-site presence.


• Willingness to travel (25%), both domestically and internationally.

The Bank provides comprehensive and highly competitive benefits.

ETHICS CONSIDERATIONS 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.

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.

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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