The Federal Reserve Bank of New York, the one of the 12 Federal Reserve Banks of the United States, has set up an advisory group to bring financial institutions leaders in conjunction with senior figures from the FinTech industry. Grouped with the top representatives and thought leaders from the financial technology space, the advisory group will discuss on emerging issues in the industry, including how new technologies can be applied and what impact these could have on the market.
Executive vice president and head of the supervision group at Federal Reserve Bank of New York, Kevin Stiroh says that the advisory group would provide the bank with a more complete picture of the rapidly evolving FinTech landscape. He further noted that 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 group is designed to bring together a diverse range of representatives from across the FinTech space on a rotating basis, including Lee Braine, Chief Technology Officer at Barclays; TransferWise’s head of banking, Andrew Boyajian and Google Cloud’s director of financial services, Ulku Rowe, according to the report.
Based in New York, the Federal Reserve Bank of New York (New York Fed) is one of the 12 Federal Reserve Banks of the United States. The bank plays a leadership role in monetary policy, financial supervision and the payments system. It also formulates and implements monetary policy, in addition, to offer financial services in New York. The Federal Reserve Bank of New York’s territory includes parts of the states of New Jersey and Connecticut, with the entire state of New York. Moreover, it is also accountable for Puerto Rico and the U.S. Virgin Islands.