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.
Financial analysts review applications seeking Board approval to form a bank holding company or to acquire a bank by a bank holding company. Analysts also monitor the financial condition of state member banks and bank holding companies; help develop supervisory policy, and examination and inspection practices; provide technical support to field examiners; and design, negotiate, and implement corrective action for supervised institutions.
Analysts in the RBOPS division oversee many of the operations of the Federal Reserve Banks, including the financial services provided by the Banks and critical support functions, such as information technology, financial and cost accounting, physical security, and human resources. As part of this oversight, they assess the future direction of the Reserve Banks’ operations and financial services, oversee major initiatives, and monitor and review ongoing operations. Analysts also oversee private-sector systemically important payment systems. In addition, they participate in developing policies to foster the integrity and efficiency of the U.S. payment system and work closely with other central banks and international organizations to improve the payments system and other central bank responsibilities more broadly.
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.
