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 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 Bank Supervision, Markets, and Financial Services division analyzes legislative affairs for the Bank and the 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
The Financial Services team provides legal support for financial services of the Bank, including Fedwire®, 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.
The BSM Deputy General Counsel also oversees the Bank Applications Function.
- The Enforcement, Litigation, Investigations, Corporate Affairs, Technology and Contracts 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 Corporate Affairs 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.