Reducing fraud risk and advancing the security of the U.S. payment system on behalf of the Federal Reserve will be the roles of the central bank’s security strategy leader, the Fed announced Friday.
Kenneth Montgomery, first vice president and chief operating officer of the Federal Reserve Bank of Boston, will also chair the Secure Payments Task Force of the Fed. He will keep his position as first vice president and chief operating officer at the Boston Federal Reserve, where he is responsible for financial and U.S. Treasury services, information technology, strategic planning, human resources, corporate support, and administrative activities, the Fed said in a release.
Montgomery succeeds Todd Aadland in the role. A senior vice president at the Federal Reserve Bank of Chicago, Aadland had served as payments security strategy leader since September of 2015, the Fed said. He will assume responsibility for multiple Treasury Services programs and Wholesale Operations at the Federal Reserve Bank of Kansas City.
“Ken’s long and distinguished record of service to the Federal Reserve System, along with his business experience and technical expertise, are exactly what’s needed to help maintain a strong partnership with the industry on improved payments security,” said Fed Chairman-nominee Jerome “Jay” Powell, in a statement. Powell also co-chairs the Fed’s payments improvement initiatives oversight committee.