The New York Branch of the Federal Reserve has launched a fintech advisory board.
The Fed’s New York Branch made the announcement in a press release.
The Federal Reserve Bank of New York today launched the Fintech Advisory Group to provide Bank leaders with a high-level platform to establish clear points of contact with senior representatives and thought leaders from the financial technology industry and consumer organizations. The group’s first meeting will be April 1, 2019.
The primary goal of the Advisory Group is to present views and perspectives on the emerging issues related to financial technologies, the application and market impact of these technologies, and the potential impact on the New York Fed’s ability to achieve its missions.
The Fintech Advisory Group will provide the New York Fed with a more complete picture of the rapidly evolving fintech landscape,” said Kevin Stiroh, executive vice president and head of the Supervision Group at the New York Fed. “The Advisory Group will also gather insights that may inform our interaction with market participants and institutions, our training and hiring efforts, and the application of innovative approaches for internal business use.
The charter of the group describes membership this way.
The New York Fed will have sole discretion to appoint and remove members. Members will be selected based on their expertise across the breadth of issues relevant to financial technologies. Membership will be sufficiently diverse to include financial institutions, non-financial institutions, new entrants, consumer organizations, research providers, and academic institutions. The Group will be composed of approximately 12 members at any given time. The normal term of membership will be two years.
Members may be appointed to consecutive terms at the New York Fed’s sole discretion. Names of Group members will be posted on the New York Fed’s public webpage. If a member wishes to resign from the Group or departs from his or her organization, then the member shall inform the Group chair as soon as practicable. In case of a departure, the New York Fed may either terminate the member or ask the member to continue membership in the Group as a representative of his or her new employer.
Each member should attend all Group meetings in person, contribute as appropriate to the Group’s agenda-setting, discussions and recommendations, and participate actively in any Group-sponsored projects.
The current members of this group are:
- Michael Bodson, President and Chief Executive Officer, DTCC
- Andrew Boyajian, Head of Banking, TransferWise
- Lee Braine, Chief Technology Office, Barclays
- Martin Fleming, Chief Analytics Officer and Chief Economist, IBM
- Gary Gensler, Senior Advisor, MIT
- Lena Mass-Cresnik, Chief Data Officer, Moelis & Company
- Patrick Murck, Special Counsel, Cooley LLP
- Ulku Rowe, Director of Financial Services, Google Cloud
- Sonal Shah, Executive Director, Beeck Center for Social Impact and Innovation
- David Waller, Partner and Head of Data Science and Analytics, Oliver Wyman
