NEW YORK—The Federal Reserve Bank of New York today announced that Kevin Stiroh will step down as Head of the Supervision Group to assume a leadership position with the Federal Reserve Board. Starting February 1st, 2021, Mr. Stiroh will begin a secondment as a senior advisor to Mike Gibson, Director of the Supervision and Regulation Division.
Mr. Stiroh will lead the Federal Reserve’s supervisory work related to the financial risks of climate change and chair the Supervision Climate Committee, or SCC, a newly formed System-wide group bringing together senior staff across the Federal Reserve Board and Reserve Banks. The SCC will further build the Federal Reserve’s capacity to understand the potential implications of climate change for financial institutions, infrastructure, and markets.
“I am delighted that Kevin will be joining the Board staff and chairing the SCC,” said Randal K. Quarles, Vice Chair for Supervision of the Federal Reserve Board. “The SCC will build on our climate change work already underway across the Federal Reserve System, and help us take a careful, thoughtful, and transparent approach to analyzing these potential risks.”
According to John C. Williams, president and CEO of the New York Fed, “This is an exciting opportunity for Kevin and an important role for the Federal Reserve System. Climate change has become one of the major challenges we face, which impacts all aspects of the Fed’s mission, and one that is having a devastating effect on communities around the world, particularly vulnerable populations. I look forward to continuing to work with Kevin on this topic, and I know that we will benefit greatly from Kevin’s thoughtful and innovative leadership.”
Mr. Stiroh became the head of the Supervision Group in October, 2015. He oversees the teams and functions responsible for supervising, under delegated authority, financial institutions in the Second District. He has contributed to the Federal Reserve System’s implementation of supervisory policies and procedures and serves on the Board’s Large Institution Supervision Coordinating Committee (LISCC). In the last several years, Mr. Stiroh has increased his focus on climate risk work and was named co-chair of the Task Force on Climate-related Financial Risks of the Basel Committee on Banking Supervision last year.
Since joining the Bank in 1999, Mr. Stiroh has held multiple leadership positions, including in Supervision, Research and Statistics, Markets, and the former Integrated Policy and Analysis Group. He has participated in international working groups on financial topics including the development of the capital surcharge for systemically important banks and the reform of reference interest rates. Following the 2007 financial crisis, Mr. Stiroh played a leadership role in the development and execution of the Comprehensive Capital Analysis and Review (CCAR) process.
“It has been a great privilege to lead this outstanding group of dedicated public servants over the past 5 years and I am proud of all we have accomplished together. Our work included effective supervision of banks of all sizes, contributions to System-wide efforts such as CCAR, and innovative work related to cybersecurity, culture and behavioral risk, fintech, and climate change,” said Mr. Stiroh. “I am looking forward to working with my colleagues at the Board, around the System and internationally as we seek to understand and address the daunting economic and financial risks posed by climate change,” he added.
Mr. Stiroh will continue to lead the New York Fed’s supervision team through February as James Hennessy, senior vice president in Supervision, takes over as interim group head. The New York Fed will launch a formal search for a permanent successor in the coming weeks.
New York Fed
Board of Governors
*This release was updated on January 25, 2021 to reflect that Mr. Stiroh will lead the Supervision Group through February, rather than until February 1st.