Gregory L. Stefani has been appointed first vice president and chief operating officer of the Federal Reserve Bank of Cleveland, effective November 1, 2011.

Gregory L. Stefani has been appointed first vice president and chief operating officer of the Federal Reserve Bank of Cleveland, effective November 1, 2011. The announcement was made today by Sandra Pianalto, president and chief executive officer of the Bank. The appointment was made by the Bank's board of directors and approved by the Board of Governors of the Federal Reserve System in Washington, DC. Stefani succeeds Dale Roskom, who will leave the Bank to pursue personal interests.

Stefani began his career with the Federal Reserve Bank of Cleveland in 1983 and has held various roles in supervising banks and bank holding companies in the Fourth Federal Reserve District. His responsibilities continued to grow in the supervision, credit risk, and statistics departments, and he was named assistant vice president in 1996 and vice president in 1999. In 2007, Stefani was promoted to senior vice president and became the Bank's chief financial officer. He was given responsibility for leading the Bank's financial and accounting activities, strategic planning and performance management, and enterprise risk management. In 2011, he also assumed oversight responsibility for the information technology, information security, and business continuity functions.

Stefani holds a bachelor of science degree in business administration and an MBA from Bowling Green State University. He is also a graduate of the Harvard Business School Advanced Management Program and the Graduate School of Banking at the University of Colorado. Greg is actively engaged in the community, serving on various advisory committees and participating as a member of the board of directors of University Settlement, Inc., a social services not-for-profit agency.

In announcing the appointment, Pianalto stated, "I'm very pleased that Greg has been appointed first vice president. His breadth and depth of experience make him the ideal choice to fill this important position, and I look forward to working with him in this new capacity. I appreciate his extensive knowledge of the Cleveland Reserve Bank and the Federal Reserve System, and I know that the Bank will be well served by Greg's capable leadership."

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, DC, comprise the Federal Reserve System. As the nation's central bank, the Federal Reserve System formulates U.S. monetary policy, supervises certain banks and all bank holding companies, and provides payment services to depository institutions and the US government. Payment services include check clearing, electronic payments, and the distribution and processing of currency and coin.

The Federal Reserve Bank of Cleveland, including its branch offices in Cincinnati and Pittsburgh, serves the Fourth Federal Reserve District, which includes Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. For information on the Federal Reserve Bank of Cleveland, see www.clevelandfed.org or follow us on Facebook and Twitter (@ClevelandFed).