March 20, 2006

Richard Spillenkothen, director of Banking Supervision and Regulation, to retire from the Board on June 30, 2006

For immediate release

Rich Spillenkothen, the director of the Division of Banking Supervision and Regulation, will retire on June 30 after thirty years of service with the Federal Reserve Board, including nearly fifteen years as the director of the division.

"Rich has led the Board’s supervision program during periods of unparalleled growth, innovation, deregulation, and consolidation in the American banking system, as well as through a number of financial system and banking shocks,” said Federal Reserve Board Chairman Ben S. Bernanke. “During Rich’s tenure, the Federal Reserve’s approach to banking supervision has evolved significantly. His leadership in the supervision of risk management and capital adequacy form a sound basis for the future work of financial supervisors everywhere."

Mr. Spillenkothen is the senior Federal Reserve Board official with responsibility for banking supervision and regulation. He serves on the Basel Committee on Banking Supervision and is the chairman of the Association of Supervisors of Banks of the Americas. He also represents the Federal Reserve on domestic interagency policy and coordination committees, including the Federal Financial Institutions Examination Council’s Supervision Task Force.

Mr. Spillenkothen joined the Federal Reserve in 1976 in the Division of Banking Supervision and Regulation and held various other management positions in the Division prior to being appointed the director in 1991. Mr. Spillenkothen played a leading role in the Federal Reserve’s efforts to strengthen and modernize its approach to banking supervision. In particular, Mr. Spillenkothen was a leader in international efforts to harmonize prudential standards and in the promotion of enhanced capital assessments and risk management at the largest, most complex financial organizations.

Last Update: March 20, 2006