August 20, 2014 10:20 PM ET


Company Overview of The Federal Reserve Bank of Cleveland

Company Overview

The Federal Reserve Bank of Cleveland, a central bank, specializes in payments systems, banking supervision, and economic issues. It acts as an active intermediary in clearing and settling interbank payments; models complex economic systems, analyzes data, and evaluates economic information to support the Federal Reserve Bank of Cleveland’s monetary policy, supervisory, and payments system responsibilities; produces economic research and monitors regional and national economic trends; and develops and implements electronic payment solutions for the federal government. The company’s education and public programs include tours for high school, college, and community groups; conferences and wor...

1455 East Sixth Street

Cleveland, OH 44114

United States

Founded in 1914





Key Executives for The Federal Reserve Bank of Cleveland

Chief Executive and President
Age: 55
Chief Operating Officer and First Vice President
Senior Vice President and General Counsel
Senior Vice President
Senior Vice President
Compensation as of Fiscal Year 2014.

The Federal Reserve Bank of Cleveland Key Developments

Federal Reserve Bank of Cleveland Announces Executive Appointments

Federal Reserve Bank of Cleveland announced that Bruce Fallick has been appointed as vice president regional/applied microeconomics in the Research Department, effective June 1, 2014. Fallick will assist in developing regional, micro-, and labor economic research, and he will advise Bank management on issues within those fields. He will also be a contributor to monetary policy and write for Bank publications. Fallick joined the Federal Reserve Board’s Division of Research and Statistics in 1993 and has served as a senior economist since 2001. He also recently served as a visiting professor of economics at Oberlin College. Mary (Meg) Johnson has been appointed as vice president business process support for the SCS Administration. Johnson will be responsible for oversight of career development, business technology services, strategic planning, performance management, resource allocation, quality assurance, and administrative support for the Supervision and Regulation, Credit Risk Management, and Statistics and Analysis Departments (SCS). She will join the Cleveland Fed on August 1, 2014. Johnson has more than 18 years of experience in banking supervision and corporate planning at the Federal Reserve Banks of Richmond and Cleveland. She is currently vice president of corporate planning at the Richmond Fed and manages the Banks enterprise risk management, strategic planning and business process consulting activities. Gary Szelagowski has been appointed as assistant vice president talent management in the Human Resources Department, effective June 9, 2014. He will lead the development and execution of enterprise-wide succession planning, performance management, talent development, change management, and employee engagement. Szelagowski has more than 15 years of Human Resources experience at senior levels with National City Corporation and PNC Financial Services. His experience also includes work in technology and sales management with KeyBank, as well as with other organizations. He most recently served as vice president, performance management, for PNC.

The Federal Reserve Bank of Cleveland Announces Board Appointments

The Federal Reserve Bank of Cleveland announced the following officer appointments, effective April 16, 2014. Emre Ergungor has been appointed an assistant vice president. Ergungor, an economist, is responsible for the household finance section of the banks research department and for the Muni Financial Monitoring Team. Thomas J. Fitzpatrick, IV, has been appointed an assistant vice president. Fitzpatrick has assumed responsibility for managing the banks credit risk management department. Previously an economist in the banks community development department, Fitzpatrick joined the Bank in 2007. Mark Greenlee has been appointed a vice president and counsel in the Legal Department. He is responsible for the banks expanded regulatory efforts related to Dodd Frank. Greenlee joined the bank as a senior attorney in 1996 and was promoted to counsel in 2001. Matt Hite has been appointed vice president, Strategic Bank Services. He oversees the banks continuous improvement, enterprise risk management, strategy and performance management, business continuity and information security functions. Hite joined the bank as an assistant bank examiner in 1993. Lisa Lipscomb has been appointed an assistant vice president in the audit department. She assists the banks general auditor in directing all internal audit activities. Lipscomb joined the bank in 2009 as a compliance coordinator for the cash department. She was promoted to manager in the audit department in 2012. Carrie McFadden has been appointed an assistant vice president in the statistics and analysis department. She oversees the collection and analysis of financial information from the banking industry and other sources in support of the bank's supervision and regulation, monetary policy, and research functions. McFadden joined the bank in 1998 as an assistant bank examiner. She assumed positions of increasing responsibility and most recently served as a banking supervisor. Mary Helen Petrus has been appointed an assistant vice president in the community development department. She has responsibility for the department's outreach and research initiatives. Petrus joined the bank in 2008 as a senior policy analyst and was promoted to manager of the community development department in 2009. Brian Williams has been appointed an assistant vice president, business process support in the supervision, credit, and statistics department. Since joining the bank as a resource analyst in 2006, he has assumed positions of increasing responsibility, including manager of information management in the SCS department. Prior to joining the Bank, Williams worked as a senior financial analyst for Flight Options. The bank also announced the following organizational change, effective April 16, 2014. Doug Banks, vice president, has assumed responsibility for the banks facilities department and law enforcement unit. Banks joined the Cleveland Fed as a bank examiner in 1986 and assumed positions of increasing responsibility including banking supervisor, assistant vice president for consumer affairs, and vice president for community bank supervision. Banks most recently served as a vice president in the supervision, credit and statistics department.

The Federal Reserve Bank of Cleveland Announces Management Changes

The Federal Reserve Bank of Cleveland announced that Loretta J. Mester has been appointed President and Chief Executive Officer, effective June 1, 2014. Sandra Pianalto will retire as President and Chief Executive Officer of the Cleveland Fed on May 31, 2014. Ms. Pianalto has led the Federal Reserve Bank of Cleveland since 2003 and announced in August 2013 that she would retire. As President and CEO of the Federal Reserve Bank of Cleveland, Mester will participate on the Federal Open Market Committee in the formulation of U.S. monetary policy, and will oversee 950 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise financial institutions, and provide payment services to financial institutions and the U.S. government. Mester currently serves as Executive Vice President and Director of Research at the Federal Reserve Bank of Philadelphia. In this role, she serves as the Bank's chief policy advisor and attends the meetings of the Federal Open Market Committee. Mester oversees a staff of economists and analysts who conduct research on a variety of topics, as well as a staff of professionals in the Bank's financial statistics department and the Payments Card Center. She joined the Federal Reserve Bank of Philadelphia in 1985 as an economist and has advanced to positions of increasing responsibility during her 28 years with the Federal Reserve.

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