Fed Creates Two New Entities for Risk Management and Communication

The New York Fed created two new entities on Thursday in an effort to improve the bank's risk management and communications among regional and community banks.

The Communications Group "was created in recognition of the increasing roles and responsibilities of the communications and regional and community affairs area in the Bank, which had been previously located in the Executive Office," according to a statement on the New York Fed's website.

The organization will be headed by Calvin A. Mitchell III, a member of the Empire Fed's management committee.

The Payments Policy and Credit Risk Management Group was created "in recognition of the cross-Bank coordination involved in the analysis of payment and settlement systems matters and the assessment and management of the Bank's risk exposure," and will be headed by Sandra C. Krieger, who was formerly in charge of the Payments Policy function and the Administration Office for the Subcommittee on Credit Risk Management.

By Erik Kevin Franco and edited by Cristina Markham