New York Fed launches Fintech Advisory Group

Advisory Group provides insights into existing and emerging financial technologies

NEW YORK, NY (March 22, 2019) — The Federal Reserve Bank of New York today launched the Fintech Advisory Group to provide Bank leaders with a high-level platform to establish clear points of contact with senior representatives and thought leaders from the financial technology industry and consumer organizations. The group’s first meeting will be April 1, 2019.

The primary goal of the Advisory Group is to present views and perspectives on the emerging issues related to financial technologies, the application and market impact of these technologies, and the potential impact on the New York Fed’s ability to achieve its missions.

“The Fintech Advisory Group will provide the New York Fed with a more complete picture of the rapidly evolving fintech landscape,” said Kevin Stiroh, executive vice president and head of the Supervision Group at the New York Fed. “The Advisory Group will also gather insights that may inform our interaction with market participants and institutions, our training and hiring efforts, and the application of innovative approaches for internal business use.”

Fintech Advisory Group members are selected based on their expertise across the breadth of issues relevant to financial technologies. The initial set of members includes a broad mix of representatives impacted by fintech, including incumbent financial institutions, new entrants, investors, advisory and service groups, nonprofit organizations, and research providers. Members will participate on a rotational basis.

For more information on the Fintech Advisory Group, including meeting agendas and minutes, please see the New York Fed’s website.

Fintech Advisory Group Members

  • Michael Bodson, President and Chief Executive Officer, DTCC
  • Andrew Boyajian, Head of Banking, TransferWise
  • Lee Braine, Chief Technology Office, Barclays
  • Martin Fleming, Chief Analytics Officer and Chief Economist, IBM
  • Gary Gensler, Senior Advisor, MIT
  • Lena Mass-Cresnik, Chief Data Officer, Moelis & Company
  • Patrick Murck, Special Counsel, Cooley LLP
  • Ulku Rowe, Director of Financial Services, Google Cloud
  • Sonal Shah, Executive Director, Beeck Center for Social Impact and Innovation
  • David Waller, Partner and Head of Data Science and Analytics, Oliver Wyman

About Federal Reserve Bank of New York

The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A Directors represent the member banks in the District; Class B Directors and Class C Directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed's decisions on monetary policy are informed by actual economic conditions.


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