The Federal Reserve Bank of Chicago is one of 12 regional reserve banks in the United States, along with the Federal Reserve Board of Governors in Washington, D.C, that make up the nation’s central bank. The work of the Payments and Technology team supports the broader mission of the Department and the Bank to promote the safe and sound banking system and foster the integrity, efficiency, and accessibility of the U.S. payment system. S&R is responsible for supervising and regulating state-chartered banks that are members of the Federal Reserve System, bank holding companies, and financial holding companies.
Become a subject matter expert in cutting-edge payments and fintech activities including real-time payments, distributed ledger technology and cryptocurrency, Artificial Intelligence/Machine Learning, and Banking as a Service.
The banking industry is experiencing a significant transformation, accelerated by the world’s continued advance towards a digital, always-on economic model and emergence of new payment rails. We are seeking a candidate to join the Payments and Fintech team within our Supervision and Regulation Division (S&R) to ensure that supervised banking institutions appropriately manage the risks associated with these developments. The Payments and Fintech team is primarily engaged in supporting the risk-based supervision of emerging technologies being applied in the financial services industry particularly those impacting payment system activities.
The Payments and Fintech Team leads the efforts of the Supervision and Regulation Division of the Federal Reserve Bank of Chicago to build organizational knowledge of fintech and payments. As a member of this team, a Risk Management Specialist will be responsible for researching and analyzing fintech and the use of emerging technologies in wholesale and retail payments, assessing their impact on banking and traditional payment systems, and helping execute supervisory strategies to address risks posed by their adoption.
The selected candidate will work closely with examiners and other stakeholders to evaluate risk management practices and control frameworks used by supervised financial institutions to mitigate the risk associated with fintech and payments. Additionally, the new team member will play an important role in internal and external engagement with Federal Reserve colleagues and leadership to promote knowledge development and perspective exchange regarding opportunities and risks in fintech and payments.
Research and analyze innovative fintech and payment technologies and assess their impact on risk in banking and payments.
As a subject matter expert, support development and implementation of supervisory approaches to fintech (e.g., Banking as a Service, digital assets, cryptocurrency, distributed ledger technology, tokenization, artificial intelligence and machine learning) and payments (e.g. FedNow, mobile wallets, endpoint security and fraud mitigation).
Participate on examinations and reviews of fintech and payments activities at supervised firms to evaluate risk management practices and controls.
Develop briefing documents, presentations, and talking points to educate staff and leadership on payments and fintech topics to build organizational knowledge and awareness and highlight emerging risks.
Build and maintain strategic work relationships across departments, create and maintain strong internal and external networks, and coordinate with other Reserve Banks, the Board of Governors, and other regulatory agencies.
Bachelor's degree, relevant accreditation, or equivalent experience. Degree in business or an IT related field preferred.
Four plus years of direct work related experience
Two plus years of experience in risk expertise required
Preferably, candidates should possess at least one of the following:
Experience or a strong interest in fintech, banking, wholesale and/or retail payment operations preferred
Some knowledge of information security and cybersecurity issues impacting the banking and financial services industries preferred
Prior bank examination, risk management, or audit experience
Other Required Skills:
Advanced analytical and problem-solving skills, including the ability to understand and explain information
Ability to manage time and projects effectively and adjust quickly to evolving industry developments and supervisory priorities
Demonstrates independent and critical thinking and decision making abilities as well as have solid written and oral communication abilities
Possesses strong teamwork skills and the ability to build and work collaboratively within and across work teams
Ability to influence without direct authority
Commitment to the Federal Reserve mission
This position is considered Hybrid. Your presence will be required at one of the 7th District offices- Chicago, IL Detroit, MI or Des Moines, IA.
What we offer
Comprehensive benefits package includes medical, dental, vision, prescription drug coverage, 401k savings plan, retirement plan, paid time off, transit benefit, onsite gym, and subsidized cafeteria.
Comprehensive benefits package, including medical, dental, vision, prescription drug coverage, 401k savings plan, retirement plan, paid time off and transit benefit.
A continuous learning environment with opportunities to gain new skills and grow your career.
Onsite gym and subsidized cafeteria
Travel approximately 15%
Applicants must be U.S. Citizens or permanent residents with the intent to become U.S. Citizens.
As a condition of employment, Federal Reserve Bank of Chicago employees must comply with the Bank's ethics rules which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to recruiter for this posting, who can provide you contact information for our ethics official if necessary.
This position requires access to confidential supervisory information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so.
We are committed to equal employment opportunity regardless of race, color, ancestry, religion, sex, national origin, sexual orientation, age, marital status, disability, gender, gender identity or expression, or veteran status
The Federal Reserve Bank of Chicago is one of 12 regional reserve banks in the United States, along with the Federal Reserve Board of Governors in Washington, D.C., which make up the nation's central bank. The Bank is committed to adhering to a culture of excellence, respect, integrity and responsibility.
As part of its core mission, the Supervision & Regulation (S&R) Department of the Federal Reserve Bank of Chicago is responsible for supervising and regulating state-chartered banks that are members of the Federal Reserve System, bank holding companies, and financial holding companies. Organizations within the boundaries of the Seventh District are located within Illinois, Indiana, Michigan, Wisconsin, and Iowa. S&R plays a critical role in The Federal Reserve Bank of Chicago's core mission, supervising regulating state-chartered banks that are members of the Federal Reserve System, bank holding companies, financial holding companies and savings and loan holding companies. Our duty is to foster the stability, integrity and efficiency of the nation's monetary, financial and payment systems to promote optimal economic performance.