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Press Release

Federal Reserve Bank of Cleveland Names Mark S. Meder as First Vice President and Chief Operating Officer, effective February 1, 2022

The Federal Reserve Bank of Cleveland announced that Mark S. Meder will become the organization’s first vice president and chief operating officer, effective February 1, 2022. He will succeed Gregory L. Stefani, who will retire on January 31, 2022, after more than 30 years of distinguished service to the Federal Reserve System, including 10 years as first vice president of the Cleveland Fed.

Meder’s appointment was made by the Class B and Class C directors of the Bank’s head office board of directors and approved by the Board of Governors of the Federal Reserve System, following a nationwide search that began in July. The search committee comprised the Class B and Class C directors; it was led by board Chair Dwight E. Smith, president and CEO of Sophisticated Systems, Inc., and included Deputy Chair Doris Carson Williams, president and CEO of the African American Chamber of Commerce of Western Pennsylvania; Heidi L. Gartland, chief government and community relations officer, University Hospitals; David Megenhardt, executive director, United Labor Agency; and Valarie Sheppard, retired controller and treasurer, group vice president-company transition leader, the Procter and Gamble Company. The search committee was assisted by Bridge Partners, a minority-owned executive search firm.

Dwight Smith said, “During our extensive search we considered candidates from both inside and outside of the Federal Reserve System. Mark is a well-respected and influential leader within the Cleveland Fed and within the Federal Reserve System, and he emerged from a diverse pool of very qualified candidates as the best person for this key role. Under Mark’s leadership, the Bank will be well-positioned to continue to succeed in its critical mission.”

Cleveland Fed President and Chief Executive Officer Loretta J. Mester said, “I am excited that Mark will be taking on this new role and look forward to partnering with him to further the Bank’s mission on behalf of the Fourth District and the wider public.”

As first vice president, Meder will be responsible for the operational and financial performance of the Bank, strategic leadership, risk management, organizational development, and promoting a culture of diversity and inclusion. In addition, he will serve as the executive sponsor of the Bank’s large, complex technology program, Transforming Tax Collections (T2C), which entails building a new federal tax collection system for the U.S. Treasury.

Meder currently serves as executive vice president of technology and operations, a role in which he oversees several areas of the Bank, including information technology and security, cash, law enforcement, and real estate services. Meder joined the Cleveland Fed in 1993 in the banking supervision and regulation department and has held a variety of positions, including that of general auditor from 2012 through 2020.

Mark Meder said, “I am deeply committed to furthering the Cleveland Fed’s public-service mission in our region. I look forward in my new role to continuing to create a culture of diversity and inclusion in our Bank, where all of our employees can contribute and reach their full potential.”

Meder earned a bachelor of business administration–accounting degree from Cleveland State University and a master of business administration degree in the Executive MBA Program at Ohio State University.

Federal Reserve Bank of Cleveland

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. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell,, 513.455.4479