The Federal Reserve Board offers attorneys a unique opportunity to work on challenging and significant legal issues related to banking and finance. Attorneys counsel the Board on commercial, corporate, antitrust, administrative, and banking law and administer the Board’s statutory responsibilities in consumer credit protection. Attorneys are hired for three divisions--the Legal Division, the Division of Banking Supervision and Regulation, and the Consumer Affairs Division.
Legal attorneys provide analysis and counsel on all aspects of the statutory and regulatory responsibilities and authority given to the Federal Reserve System by the Congress. They prepare rules, regulations, and interpretations for consideration by the Board of Governors. They also draft bills, prepare proposals for legislation, report on pending bills, and provide opinions on the legal basis and effect of proposed actions. In addition, attorneys in the Legal Division participate, on behalf of the Board, in administrative proceedings under the Bank Holding Company Act, the Bank Merger Act, and other statutes. They also prepare the Board’s orders, statements, and briefs; and participate in litigation involving the Board.
These attorneys are primarily responsible for advising the Board on formal supervisory actions against institutions regulated by the Federal Reserve and against individuals associated with such institutions. The division hires attorneys also to enforce and investigate member banks and bank holding companies for violations of laws, rules, or regulations, unsafe or unsound practices, breaches of fiduciary duty, and violations of final orders.
Attorneys in the Division of Consumer and Community Affairs help administer the Board’s statutory responsibilities in consumer protection. Since the late 1960s, the number of federal laws that protect consumers in credit and other financial transactions has been growing, and the Congress has assigned the Federal Reserve the duty of implementing these laws. These laws include the Community Investment, Consumer Leasing, Electronic Fund Transfer, Equal Credit Opportunity, Fair Credit Reporting, Home Mortgage Disclosure, Truth in Lending, and Truth in Savings Acts. Attorneys help formulate policy recommendations and prepare rules, regulations, and interpretations for consideration by the Board of Governors. They also draft legislative proposals, prepare Board testimony for congressional hearings, and write amicus curiae briefs when invited to by the court. They work closely with the Federal Reserve Banks and the other federal agencies on administering consumer laws.
The Board hires recent law school graduates and experienced attorneys and prefers applicants with excellent scholastic records, including law review experience and involvement in areas related to the Board’s responsibilities. Experienced attorneys should be members of an accredited bar.