Job Description:

Company

Federal Reserve Bank of Richmond

Grow Your Career at the Richmond Fed!

At the Richmond Fed, we’re driven by our mission to strengthen the economy and our communities. We take great pride in what we do and how it impacts people every day.

When you join our team, you’ll become part of a culture that welcomes differences, cares about our communities, and empowers each other to lead from where we are to make things better.

Bring your passion and we’ll provide challenging and purposeful careers in a variety of fields, opportunities to grow and a wide range of benefits and perks that support your health and wealth. It’s all part of what makes #MyRichmondFed a great place to work!

About the Opportunity

The Richmond Fed Supervision, Regulation, and Credit (SRC) department is now hiring for our 2023 Summer Internship Program. SRC is responsible for the supervision of bank holding companies and state member banks.  Supervision is completed from two differing aspects, Safety and Soundness (assessing a bank’s financial performance and risk management practices) and Consumer Compliance (assessing a bank’s compliance with consumer guidelines such as Fair Lending and Community Reinvestment Act). 

The Assistant Examiner Internship Program provides a unique experience in SRC to explore its business lines and is located in Richmond, VA. The program provides summer interns with the opportunity to enhance essential business skills and increase understanding of the Federal Reserve’s regulatory role to support and evaluate the safety and soundness of financial institutions. During the program, interns will gain exposure to the supervisory process at financial institutions. This will include reviewing various reports, participating in meetings, interacting with management at supervised institutions, and making assessments on risk exposure.  Topics of review may include adequacy of risk management processes, operational controls, financial condition, and/or compliance with banking laws and regulations. In addition, the intern will develop a relationship with a mentor, create and deliver presentations, and complete a final project.

The Summer Internship Program provides outstanding students with the opportunity to gain valuable work experience at a unique institution. Through advanced project work, assignments and professional development activities, interns are provided with an extensive understanding of the work of the Federal Reserve. Interns will be given the opportunity to enhance their business skills through critical financial analysis, formal presentations, research and writing. In addition to specific business area tasks, you will receive targeted leadership training, mentorship and valuable networking opportunities.

With an initial application, candidates are required to submit a cover letter, resume and current college transcript(s); an additional writing sample is optional.  Documents, including transcripts (unofficial copies are okay at this time), should be uploaded as attachments to your electronic submission. Formatted attachments can include Microsoft Office products, PDFs, JPGs or HTML documents; size for each is limited to 1.5Mb.

What You Will Do:

• Participate in up to two examinations at the Federal Reserve Bank and/or a state member bank.




• Communicate findings of supervisory activities as advised by examination staff.




• Responsibly handle highly sensitive and confidential information.




• Observe and participate in relevant meetings to gain an extensive overview of the department and critical examination issues.




• Gain a thorough understanding of the department and examination process by interviewing staff and reviewing process maps and timelines.




• Work with presentation advisor and other interns to create and practice delivering a presentation related to internship experience.




• Deliver presentation to the department, where attendees include senior leaders.




• Develop a proactive relationship with mentor who provides feedback regarding progress.

Qualifications:

• College student with a minimum 3.0 GPA with a preferred emphasis in Accounting, Finance, Business Administration, Economics, Management, Mathematics, Statistics, information technology, information security, cybersecurity or related field.




• Demonstrated ability to influence and lead others




• Strong project management skills, including organization, planning and execution, analytical and problem solving skills




• Strong communication and interpersonal skills, including the ability to work effectively in a team environment




• Comfortable with technology, its changing nature and ability to innovate upon it 

Other Requirements and Considerations:

• An applicant posting for employment as a Federal Reserve examiner/analyst must be a U.S. citizen or hold a permanent residence visa/Green Card and be an intending citizen.  Sponsorship or practical training extensions are not available for this position.




• Under conflict of interest guidelines administered by the Board of Governors of the Federal Reserve System, examining personnel may not participate on an examination of a financial institution or affiliate if the examiner was employed by the financial institution or affiliate within the past 12 months.




• Please review the FRB Employee Code of Conduct to ensure there are no major issues related to your previous employment and current financial interests (The Code is available on the About Us, Careers webpage at www.richmondfed.org.; the relevant sections are  5.3 and Appendix B, Parts I, II and III).



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  FRB ethics rules generally prohibit employees and their immediate families from owning investments in banks, savings associations or their holding companies (Section 5.3). Additionally, employees engaged in Supervision and Regulation may be subject to borrowing and deposit restrictions. These employees may need to recuse themselves from certain supervisory work based on:

  
  
  
  

  • their borrowing relationships (Appendix B Parts I.1, II.1 and II.2),

  
  

  • if a financial institution employs a member of the employee’s immediate family (i.e. spouse, child, parent, or sibling) (Appendix B Part I.3 and Part II.3),

  
  

  • if the individual was employed by the financial institution or affiliate within the past 12 months (Appendix B Part I.3 and II.3).

  
  
  
  



• In certain cases, the recusal may be so extensive it could materially reduce the effectiveness of the prospective employee.




• Selected candidate is subject to special background check procedures.




• The hourly rate for summer interns is $20.50/hour. 



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  US Citizenship or US Permanent Resident status is required.

  
  

  The Federal Reserve Bank of Richmond provides equal opportunity to all individuals without regard to race, sex, color, religion, gender identity or expression, sexual orientation, national origin, age, disability, or genetic information.

  
  

Full Time / Part Time

Full time

Regular / Temporary

Temporary

Job Exempt (Yes / No)

No

Job Category

Internship

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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