The Legal Function is organized into four divisions that correspond roughly to the organizational structure of the Bank. The Function handles the Bank’s legal work, including managing the Bank’s involvement in litigation, conducting transactions and formulating general policy, and participating in negotiations, as well as drafting and reviewing documents, contracts and correspondence. It consists of the following divisions:
The Bank Supervision and Markets Division provides legal support in the areas of bank and bank holding company regulation and supervision, bank and bank holding company applications under authority delegated by the Board of Governors (the Board), capital markets (including open market operations), routine and emergency Discount Window liquidity operations, and domestic and international payments and settlement systems policy and oversight. The division supports the supervision of financial market utilities and financial institutions designated under the Dodd-Frank Act as subject to Board supervision because of their systemic importance. The division leader also oversees the Federal Reserve Bank of New York’s Bank Applications Function.
The Corporate Affairs Division advises Bank management on issues related to human resources, immigration, tax compliance, diversity, corporate governance, access to information and records management, government oversight, and ethics. The division also oversees the Corporate Secretary’s Office, and works closely with the Bank’s Ethics Office.
Attorneys, investigators, and staff in the Enforcement, Litigation, and Investigations Division (ELI) investigate possible violations of law and unsafe and unsound banking practices by banking institutions and institution-affiliated parties and recommend and draft enforcement actions for approval by the Board. In addition, ELI handles all litigation in which the Bank has an interest and conducts internal investigations involving potential violations of Bank policies.
The Financial Services, Technology, and Contracts Division (FSTC) provides legal support for the Bank’s Financial Services Group, Technology Services Group, and the Wholesale Product Office, which oversees the Fedwire Funds Service, the Fedwire Securities Service, and the National Settlement Service; provides legal advice on matters involving the Bank’s account relationships with depository institutions, the U.S. Treasury, foreign central banks, and international organizations; and handles all contracting and procurement matters for the Bank.
The Legal Function hires first-year law students each summer for a 10-week clerkship program. Law Clerks receive challenging, diverse assignments from each of the four divisions of the Legal Function. The assignments usually involve legal research and writing, and are typical of the assignments given to attorneys in the Legal Function. Law Clerks are paired up with mentors for the summer to provide guidance on a personal and professional basis. Several cultural and social activities are planned for the enjoyment of the Law Clerks and other members of the Group. Law Clerks are paid approximately $7,000 monthly.
First-Year Law Students:
The Summer Law Clerk Program requires that applicants complete their first year of law school by the beginning of the clerkship -- late May/early June. The program is highly competitive and the class size is limited. We seek applicants with intellect, creativity, and drive. We look for outstanding academic records, evidence of strong research and writing skills, relevant work experience, an interest in and commitment to public sector employment, maturity, and personal achievement. Applicants must be available for in-Bank interviews during January, February, and March of 2016.
Second-Year and Third-Year Law Students:
The Legal Function does not currently hire second-year law school students for summer positions or hire third-year law school students for attorney positions. Accordingly, we are unable to accept résumés from second-year or third-year students.
Positions in the Legal Function for experienced attorneys become available from time to time. These positions are posted separately, so please submit applications for such positions directly to the appropriate listing or check this site in the future for further updates.
Applicants should submit their résumés electronically.
Candidates are requested to supply a cover letter, résumé and transcript.