Job Information
Federal Reserve System Business Manager 2 in Boston, Massachusetts
Company
Federal Reserve Bank of Boston
As an employee of the Boston Fed, you will work to promote sound growth and financial stability in New England and the nation. You will contribute to communities, the region, and the nation by conducting economic research, participating in monetary policy-making, supervising certain financial institutions, providing financial services and payments, playing a leadership role in the payments industry, and supporting economic well-being in communities through a variety of efforts. The Boston Fed is one of 12 Reserve Banks and we serve all or parts of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Our mission is accomplished through our Bank's values: diversity, equity and inclusion, innovation, integrity, and leadership.
This job is eligible for a hybrid schedule with some on-site work expected. The individual is expected to reside in the 1st District unless you were given an exception.
The Reserves, Credit, and Applications (RCA) Unit of the Supervision, Regulation, and Credit Department of the Federal Reserve Bank of Boston (FRBB) has an opening for a Business Manager in our Reserves and Lending group. The successful candidate will be placed as either a Business Manager I or Business Manager II based on knowledge and experience. The RCA Unit contributes to FRBB’s mission to promote sound growth and financial stability in New England and the nation by effectively serving as a source of liquidity to depository institutions (DIs) within the First District of the Federal Reserve System. We administer the Board of Governors’ Payment System Risk (PSR) policies governing the use of intraday credit for First District DIs, and Reserves policies governing the payment of interest on reserves balances, among others. Additionally, we operate the Discount Window, extending overnight credit to qualifying DIs. Our reserves and lending activities assist the Board and the Federal Reserve Open Market Committee (FOMC) in implementing monetary policy.
In this position you would lead a team responsible for supporting day-to-day Reserves, Discount Window, and PSR operations. Under your oversight, the team performs a wide variety of duties involving the assessment and processing of Discount Window loans to DIs; processing of loans and bonds pledged by DIs to secure loans and overdrafts; monitoring and analysis of financial institution data; analysis of DIs’ account activity to ensure compliance with Reserves and PSR policies, recommending corrective action and/or counseling of DIs, as appropriate; and review/maintenance of internal processes and procedures. You would contribute as a key member to the RCA Unit management team. Additionally, you would collaborate with colleagues across the Federal Reserve System, leading and contributing to strategic projects and workgroups.
This job description posted is for a Business Manager 2; however, depending on knowledge and experience, the successful candidate will be placed into an appropriate level within the Business Manager job family (including Business Manager 1 or Business Manager 2).
Principal Accountabilities:
Oversee team operations for a staff of up to six individuals.
Oversee all workflows and communications for complex processing activities associated with collateral management, Discount Window lending, and DI account management.
Monitor Discount Window borrowers and FRBB account activity, identify issues and trends, and recommend appropriate action based on policy parameters.
Apply strong critical thinking and problem-solving skills promptly and effectively on time-sensitive operational issues and proactively troubleshooting errors.
Advance and support diversity and inclusion efforts, and encourage diverse perspectives, ideas, and approaches.
Provide career and work guidance to direct reports by setting clear expectations, delivering timely feedback and coaching, and facilitating learning and development.
Collaborate with team, unit, and department colleagues in business and teambuilding efforts.
Lead, collaborate on, and contribute to local and national initiatives that support the strategic direction of the Reserve Bank and System.
Demonstrate insight and well-reasoned decision-making in a wide array of situations that may involve moderately complex to complex issues, public scrutiny, and market reactions.
Qualifications:
Knowledge and experience normally acquired through, or equivalent to, the completion of a Master’s degree in a related field and 10 years of work experience that demonstrates applicable technical knowledge or managerial skills.
Staff in this position is expected to possess the following essential skills:
Required
Experience leading an operations team.
Commitment to furthering a diverse and inclusive work environment.
Strong attention to detail.
Ability to manage time and multi-task to meet daily workstream demands.
Highly Desirable
Demonstrated oral and written communications skills, including presenting complex business matters to internal and external stakeholders.
Understanding functional area data sources and competently using established tools, Microsoft Excel, and other advanced tools as appropriate to analyze the information.
The Federal Reserve Bank is committed to a diverse, equitable and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
This position requires access to confidential supervisory information and/or FOMC 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, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements.
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years. All candidates must undergo an enhanced background check and comply with all applicable information handling rules.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
Full Time / Part Time
Full time
Regular / Temporary
Regular
Job Exempt (Yes / No)
Yes
Job Category
Supervisory/Management
Work Shift
First (United States of America)
The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.
Privacy Notice (https://www.kansascityfed.org/documents/7797/Workday_Privacy_Notice.pdf)
OUR BANK has one of the most recognizable brands around the world. The Federal Reserve is the central bank of the United States—one of the world's most influential, trusted and prestigious financial organizations. The Federal Reserve is charged with the important mission of promoting a strong economy and a stable financial system and fulfills this responsibility by formulating national monetary policy, supervising and regulating banks and bank holding companies, and providing financial services for banks and the U.S. government.
OUR PEOPLE are diverse in background and ideas, which allows for ongoing creativity and innovation. Ultimately, they are the ones who push our high-performance, exchange-driven culture forward.
Why Our People Choose Us:
Our reputation precedes us
There will always be room for personal growth
Our people are first
You’ll find the right balance
Your responsibilities will be meaningful
We hope that you will be our future colleague.