Financial Analyst/Bank Examiner
The Board's responsibilities in the supervision and regulation of the U.S. banking system extend to all state banks that are members of the Federal Reserve System, and all types of banking and financial service organizations, including those that engage in foreign banking. Analysts at the Board monitor the operations of the twelve Federal Reserve Banks and develop payments system policy. The Board also hires analysts to examine and investigate compliance with the Bank Secrecy Act and to analyze bank and bank holding company acquisition or merger applications for consumer compliance and for compliance with the Community Reinvestment Act.
Analysts are hired in three divisions at the Board, the Division of Banking Supervision and Regulation, the Division of Reserve Bank Operations and Payment Systems, and the Division of Consumer and Community Affairs.
Division of Banking Supervision and Regulation
Financial analysts perform highly complex analysis related to wholesale, retail, and market risk. They identify and interpret trends, develop and communicate policy recommendations, and work with other division policy and supervision professionals throughout the Federal Reserve System.
The Federal Reserve supervises state member banks, bank holding companies (BHCs), U.S. activities of foreign banks, and Edge Act and agreement corporations. The Fed's Division of Banking Supervision and Regulation oversees these responsibilities by
- developing and implementing timely and effective rules and policies, and providing guidance for supervised financial institutions;
- participating in and assessing supervisory programs and activities; and
- identifying and advising the Federal Reserve Chairman and governors about issues and vulnerabilities with individual financial institutions that could have an adverse impact on the financial system and the U.S. and global economy.
The Dodd-Frank Wall Street Reform and Consumer Protection Act gives the Federal Reserve important new authorities to safeguard financial stability, including the responsibility to oversee systemically important financial institutions that receive heightened scrutiny based on their potential impact on financial stability. The act also gives the Fed an expanded supervisory role and new authorities to help ensure the safety and soundness of financial market utilities. Many financial analysts are needed to help us accomplish important new objectives, along with the Federal Reserve's other critical supervisory programs.
Communication and coordination is a key element for this job as division members have frequent contact with senior officials of the Board and Federal Reserve Banks, as well as with senior officials of other bank and thrift institution regulatory agencies, banking organizations, and private sector entities.
Division of Reserve Bank Operations and Payment Systems
These analysts monitor many of the operations of the Federal Reserve Banks, including the financial services provided by the Banks, critical support, such as with information technology, financial and cost accounting, physical security, and human resources. They also assess the future direction of the Reserve Banks' operations and financial services, oversee major initiatives, and monitor ongoing operations. In addition, analysts participate in policy development for the nation's payment system and for G-10 central bank policies to promote efficiency and manage risk in the payments system.
Division of Consumer and Community Affairs
Analysts in this division support and oversee the supervisory efforts of Reserve Banks to ensure that consumer protection laws and regulations are fully and fairly enforced. Analysts supervise the implementation and administration of the Board's consumer compliance examination procedures, applications requests, and complaint handling programs by identifying emerging issues and by providing guidance on consumer protection laws, regulations, and enforcement techniques. The analysts also develop and revise the Board's policies, procedures, and guidelines, coordinate comprehensive consumer compliance examiner training programs, participate in interagency activities, and identify complaint trends. They identify ways to encourage public and private partnerships and private-sector initiatives to address community developments needs, and they conduct research and provide technical assistance on urban and rural economic development issues and underserved financial services markets.
Individuals interested in a career as an analyst should have a degree in business administration with concentration in accounting or finance, and experience in financial analysis as it relates to banking. Knowledge of the laws and regulations governing banks and bank holding companies is preferred. A master's degree is required for most higher-level positions.