We are currently not accepting applications for our Legal and Compliance Honors Fellowship. Please check back at a later date.
The Legal and Compliance 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 and Compliance Group is made up of five distinct Functions: Bank Applications; Compliance; Group Operations and Strategy; the Legal Function; and Records Management.
The Legal and Compliance Fellow Honors Program is designed to give third-year law students or recent law school graduates the opportunity to work at the Federal Reserve Bank of New York for a period two years. Legal and Compliance Fellows will rotate through various areas in the Legal and Compliance Group and have the opportunity to work on a variety of matters including financial institution supervision and regulatory matters, regulatory enforcement investigations, financial services, conflicts of interests, and other compliance and ethics questions.
You will reside in the Group Operations and Strategy Function which provides a broad view of the Legal and Compliance 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 effective, efficient, and client-focused legal services to the Federal Reserve Bank of New York. The function is headed by the Bank’s general counsel and consists of two divisions, each headed by a deputy general counsel.
The Supervision, Markets & Financial Services (SMFS) division 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; (iii) the Bank’s external and sponsored committees and (iv) financial and account services of the Bank for the U.S. Treasury, foreign central banks and international organizations, depository institutions, and other customers, and analyzes pending legislation.
The Enterprise Legal Services (ELS) division provides a range of expertise in support of the Bank’s mission and operations. The Enforcement and Litigation team represents the Bank in litigation and other disputes, advises on litigation risk and oversight matters and, together with the Board of Governors, pursues regulatory enforcement investigations and actions against supervised financial institutions in the Second Federal Reserve District. The Financial Intelligence and Investigations Unit conducts investigations, responds to law enforcement requests, and provides expertise on matters including financial fraud, accounting, and BSA/AML and OFAC-related matters. The Employment & Corporate Matters team advises on employment and labor law matters that impact the Bank’s people, including those related to diversity, ethics, immigration, organizational change, and personnel policies, and advises and provides legal support to the Bank’s Freedom of Information Office. The Technology and Contracts team drafts, negotiates and advises on documents relating to the Bank’s procurement of goods and services, software and data licensing, cloud computing, and other technologies as well as matters relating to intellectual property, data privacy and security.
- 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.