The U.S. Federal Reserve System has appointed its Funds Safety Technique chief, the company introduced Friday (Dec. 8).
Kenneth Montgomery, first vice chairman and chief working officer of the Federal Reserve Financial institution of Boston, is taking on the place. He’ll lead the Fed’s initiative to deal with funds fraud threat and increase the safety of funds within the U.S. The place means Montgomery will chair the Safe Funds Activity Power, considered one of a number of job forces the Fed has shaped to advertise innovation and development within the business.
“Ken’s in depth background in data expertise and his collaborative management fashion will probably be essential to addressing a wide range of necessary challenges as we proceed to make enhancements to the nation’s funds infrastructure,” mentioned Esther George, president and chief government officer of the Federal Reserve Financial institution of Kansas Metropolis.
Montgomery may even retain his place on the Boston Fed, the place he focuses on companies for the U.S. Treasury and monetary market, amongst different obligations. He’s additionally a member of the Fed’s Monetary Providers Coverage Committee and directs monetary administration initiatives for the Fed’s Monetary Assist Workplace.
Montgomery is taking on the place on the Safe Funds Activity Power left open by Chicago Fed Senior Vice President Todd Aadland, who held the place since September 2015.
“Todd has carried out a rare job shepherding the group by its first part of labor and has constructed a powerful basis for continued progress on fee system safety,” mentioned George.
Final 12 months, the Fed’s Safe Funds Activity Power known as for remark from business gamers about challenges to funds safety as a part of its initiative to deal with upcoming safety wants, particularly as quicker funds result in new challenges.
“We regarded broadly throughout what’s happening in different international locations when it comes to their migration in the direction of quicker funds,” Aadland mentioned in an interview on the time. “As they transfer to quicker funds, criminals benefit from the pace and really circumvent controls on the weakest hyperlink.”