The Legal Group is composed of a diverse and talented set of experts in the fields of law, banking and finance, security, and compliance who help guide and protect the Federal Reserve’s critical monetary policy and financial services operations. Working at the Federal Reserve Bank of New York (the “New York Fed” or the “Bank”) enables you to serve the public interest in a unique organization dedicated to making our nation’s financial system more resilient, efficient, and effective.
The Legal Group is made up of five distinct Functions: Bank Applications; Compliance; Group Operations and Strategy; the Legal Function; and Records Management.
The Legal Fellow Honors Program is designed to give lawyers the opportunity to work at the Federal Reserve Bank of New York for a period two years. Legal Fellows will rotate through the Legal and Compliance functions of the Legal Group and work on financial institution supervision and regulatory matters, regulatory enforcement investigations, financial services matters, payments law and regulation, conflicts of interests, Code of Conduct compliance and ethics questions.
You will reside in the Group Operations and Strategy Function which provides a broad view of the Legal Group and will facilitate your rotations.
Working at the New York Fed positions you at the center of the financial world with a unique perspective on national and international markets and economies. You'll work in an environment with a diverse group of talented professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It's a challenge that demands the skills of a financial services professional and the intellectual curiosity of an academic—all combined with a passion for public service. Working here provides talented individuals the chance to grow their skills at an institution that has served a critical role in the financial system of the United States and the world for over a century.
The Legal Function's mission is to provide high-quality legal services to the New York Fed. The function is headed by the Bank's general counsel and is divided into three divisions, each headed by a deputy general counsel:
- The Bank Supervision and Markets Division (BSM) provides legal advice in connection with (i) financial institution supervisory and regulatory matters, including legal support for supervision and regulatory reporting and legal analysis of regulatory applications; (ii) the Bank’s open market, U.S. Treasury auction, foreign exchange, reference rate and discount window operations; and (iii) the Bank’s external and sponsored committees. BSM also analyzes legislative affairs for the Bank, and the head of the division oversees the Bank Applications Function.
- The Enforcement, Litigation, Investigations and Corporate Affairs Division (ELICA) handles all litigation for the Bank and pursues regulatory enforcement investigations and actions against financial institutions in the Second Federal Reserve District. In addition, ELICA conducts investigations of internal Bank matters and advises with respect to the Bank's corporate affairs, including human resources, employment and labor law matters, and Freedom of Information requests.
- The Financial Services, Technology, and Contracts Division (FSTC) provides legal support for the areas of the Bank that are responsible for financial services, including the Fedwire services, international and domestic currency and coin distribution, and account services for the U.S. Treasury, foreign central banks and international organizations, depository institutions, and other customers. FSTC also advises with respect to contract, procurement, and technology matters for the Bank including software licenses and cloud computing.
The Compliance Function is an independent advisory and control function within the New York Fed. The central mission of the Compliance Function is to protect the Bank and its people by fostering an ethical culture and ensuring appropriate risk-based compliance and ethics controls are utilized. The function has two parts:
- The Compliance Department identifies and assesses risks related to the failure to comply with the Bank's code of conduct, internal policies, and regulations principally associated with anti-money laundering, U.S. economic sanctions compliance, fraud risk, sensitive data management, trading operations, and other restrictions related to employee conduct.
- The Ethics Office provides guidance to employees on conflicts of interest and other code of conduct–related issues. It considers waiver requests and serves as a central resource for resolving allegations of violations of policies, laws or regulations, and breaches of accounting, auditing, or operational controls.
- Juris doctor, with admission to the New York State bar completed or pending.
- Fellowship to commence in calendar year immediately following graduation from law school or upon completion of any clerkship or public sector law fellowship immediately following law school.
- Excellent verbal and written communication skills.
- Demonstrated attention to detail and critical thinking.
- Strong organizational skills with the ability to prioritize and multitask a variety of responsibilities under time constraints.