August 20, 2014 2:56 PM ET


Company Overview of Federal Reserve Bank of Philadelphia, Inc.

Company Overview

Federal Reserve Bank of Philadelphia, Inc. operates as a decentralized central bank in eastern Pennsylvania, southern New Jersey, and Delaware. It engages in the formulation and implementation of monetary policy, supervising of banks and bank holding companies, and provision of financial services to depository institutions and the federal government. The company also provides various services, such as cash, check processing, electronic payments, electronic fund transfer, automated clearinghouse, distribution of coin and currency, and short-term loans to depository institutions, as well as loans to individuals, partnerships, and corporations. In addition, its constituency includes depository ...

Ten Independence Mall

Philadelphia, PA 19106-1574

United States

Founded in 1914





Key Executives for Federal Reserve Bank of Philadelphia, Inc.

Chief Executive Officer and President
Age: 65
Chief Financial Officer and Senior Vice President
Chief Operating Officer and First Vice President
Chief Information Officer of Information Technology Services and Senior Vice President
Senior Vice President and General Counsel
Compensation as of Fiscal Year 2014.

Federal Reserve Bank of Philadelphia, Inc. Key Developments

Federal Reserve Bank of Philadelphia, Inc. Announces Executive Appointments

Federal Reserve Bank of Philadelphia, Inc. has announced two officer appointments: the promotion of Patrick F. Turner to vice president and managing officer of the Groupware Leadership Center (GLC), which supports the e-mail and collaboration environment for the Federal Reserve System. He succeeds Alice J. Menzano, who has been appointed vice president of compliance for National IT End User Services. Turner is responsible for strategic planning and deployment of collaborative services, including e-mail, instant messaging, web conferencing, and business collaboration. Menzano had managed the GLC since 2000. In her new role as vice president of compliance for End User Services, she will coordinate security assurance processes for End User Services and will serve as the liaison to audit and Enterprise Risk Management.

The Federal Reserve Bank of Philadelphia Announces Board Changes

The Federal Reserve Bank of Philadelphia promoted Michael Dotsey to senior vice president and director of research, reporting directly to Charles Plosser, president and CEO. He replaces Loretta Mester, who recently became president and CEO of the Federal Reserve Bank of Cleveland. Dotsey will lead the Economic Research Department and oversee the Payment Cards Center and Financial Statistics Department. Previously, he was a vice president and senior economic policy advisor at the Bank.

Federal Reserve Bank of Philadelphia, Inc. Appoints Scott Fainor to Advisory Council

Scott Fainor will represent the Federal Reserve Bank of Philadelphia on the Federal Reserve Board's Federal Advisory Council. The Federal Reserve Bank of Philadelphia named Scott Fainor, president and CEO of Boyertown, Pa and National Penn Bank, as its representative to the Federal Reserve Board's Federal Advisory Council for 2014. In this role, Fainor will represent the Philadelphia Fed on a 12-member banking industry council for the district on the Board's jurisdictional matters. The council consults with and advises the Federal Reserve Board and is slated to meet at least four times a year in Washington, D.C. The Philadelphia Fed selects one person every year to join the council. Fainor has more than three decades of banking experience. He has been president and CEO of National Penn Bancshares since 2010 and National Penn Bank since 2008.

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