A Fintech Advisory Group formed to provide the Federal Reserve Bank of New York with perspectives and insight on financial technology (fintech) issues and their impacts on the markets – and the bank – was launched Friday and is set to hold its first meeting April 1.
The group will provide the bank’s leaders “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 Fed bank said in its announcement of the new group.
The bank said the primary goal of the Fintech 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.”
Members of the Fintech Advisory Group are selected based on their expertise across the breadth of issues relevant to financial technologies, the bank said. 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. It said members will participate on a rotational basis.
Members of the group are:
- 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
The Federal Reserve Banks are operating arms of the Federal Reserve System, supervising and regulating bank holding companies and state-chartered banks in their districts that are system members. The New York Fed additionally is responsible for, among other things, carrying out open market operations, implementing the Fed’s monetary policy, and serving as the Fed’s primary contact with other, foreign central banks.
New York Fed Launches Fintech Advisory Group