Release Date: January 3, 2014
For immediate release
Sandra Braunstein, director of the Division of Consumer and Community Affairs, will retire on April 1 after nearly 27 years of service with the Federal Reserve Board, including 10 years as the director of the division.
"Sandy's vision, energy, and dedication served the Board well during a particularly challenging period in its history," Federal Reserve Board Chairman Ben S. Bernanke said. "She has demonstrated strong leadership in the development and implementation of policies and practices to promote community development, safeguard consumers, and ensure that financial institutions comply with federal consumer protection laws."
The Board has enlisted the services of executive recruiting firm DiversifiedSearch to assemble a broad and diverse pool of candidates, both internal and external, from which to select Ms. Braunstein's successor.
Ms. Braunstein joined the Board's staff in 1987, and in 1998 was appointed to the Board's official staff as an assistant director and community affairs officer. She was named senior associate director of the Division of Consumer and Community Affairs in 2003.
Ms. Braunstein has served as division director since April 2004. Under her leadership, the Board developed a new regulatory framework for credit cards and, in 2008, used its authority under the Truth in Lending Act and Home Ownership and Equity Protection Act to establish sweeping new regulatory protections for consumers in the residential mortgage market. She also oversaw the creation of mortgage foreclosure mitigation and neighborhood stabilization programs.
From 2010 to 2011, Ms. Braunstein played a key role in the transition of division staff and resources to the Consumer Financial Protection Bureau, the new agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Earlier in her tenure, Ms. Braunstein played a prominent role in launching the Federal Reserve's biennial Community Affairs Research Conference.
Prior to her service at the Board, Ms. Braunstein held positions in economic and community development for nonprofit, government, and private-sector organizations. She is a graduate of the American University.
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