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Cleveland Fed appoints Mohanty to lead banking supervision

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TLDR:

  • The Federal Reserve Bank of Cleveland has appointed Anulekha Mohanty as senior vice president of banking supervision, credit risk management, and statistics.
  • Mohanty will lead a department that supervises over 260 financial institutions in the Fourth Federal Reserve District and ensures their safe and sound operation, fair access to credit, and compliance with laws and regulations.

The Federal Reserve Bank of Cleveland has named Anulekha Mohanty as the new senior vice president of banking supervision, credit risk management, and statistics. Mohanty will take over the role from Steve Jenkins, who is retiring after 37 years with the Cleveland Fed. In her new position, Mohanty will oversee the supervision of over 260 financial institutions in the Fourth Federal Reserve District. She will be responsible for ensuring their safe and sound operation, fair access to credit, and compliance with laws, regulations, and mandates.

Mohanty has been with the Cleveland Fed since 2003, starting as a bank examiner. Over the years, she has taken on increasing levels of responsibility within the organization. Most recently, she served as the officer in charge of the consumer protection supervision program. Mohanty holds a bachelor’s degree in economics from the University of Illinois, Urbana-Champaign, and a master’s degree in economics from Kent State University.

Loretta J. Mester, president and CEO of the Cleveland Fed, praised Mohanty’s experience and leadership skills. She highlighted Mohanty’s extensive bank supervisory experience and emphasized her ability to communicate and interact effectively. Mester believes Mohanty will serve the bank, financial institutions in the Fourth District, and the public well in her new role.

Mohanty’s appointment comes at a crucial time for the banking industry, as it continues to face challenges and regulatory scrutiny. The role of banking supervision is essential in maintaining the stability and integrity of the financial system. Mohanty’s experience and expertise will be valuable in guiding and overseeing financial institutions to ensure they operate in a safe and sound manner.

The Federal Reserve Bank of Cleveland plays a significant role in shaping and implementing monetary policy in the United States. Its responsibilities include regulating and supervising banks within its district, conducting economic research, and providing financial services to depository institutions.

The appointment of Mohanty reflects the Cleveland Fed’s commitment to maintaining a strong and effective banking supervision department. By selecting a highly experienced and capable leader like Mohanty, the bank aims to ensure the continued stability and resilience of the financial system within its district.

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