The Federal Reserve Bank of New York announced last week it has launched its own 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 1st.
According to the banking group, 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. Kevin Stiroh, Executive Vice President and Head of the Supervision Group at the New York Fed, stated:
“The Fintech Advisory Group will provide the New York Fed with a more complete picture of the rapidly evolving fintech landscape. 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.”
The banking group also noted that the 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. The Fintech Advisory Group members are the following:
- 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