Fed Names Chief Bank Regulator
WASHINGTON -- Richard Spillenkothen has been named the Federal Reserve Board's top banking regulator.
He succeeds William Taylor, who was sworn in last week as chairman of the Federal Deposit Insurance Corp.
A Principal Deputy
As director of banking supervision and regulation, Mr. Spillenkothen leads a 170-person staff that shapes and carries out regulatory policy. The appointment took effect last Friday.
Mr. Spillenkothen, who joined the Fed staff in 1976 as a review examiner, had been one of Mr. Taylor's three principal deputies since 1985.
"He is a veteran regulator who has had exposure to a wide variety of issues," said Richard A. Whiting, general counsel of the Association of Bank Holding Companies.
As deputy associate director under Mr. Taylor, Mr. Spillenkothen was responsible for policy development and the Fed's training program for examiners and supervisors.
He received a bachelor's degree from Harvard University and a master's degree in business administration from the University of Chicago.
Two Others Promoted
Two other key deputies to Mr. Taylor also were promoted: Stephen C. Schemering, to deputy director of supervision and regulation, and William A. Ryback, to associate director of the division.
Mr. Schemering had been deputy associate director since 1985, managing supervision, surveillance, and examination reviews of banks and bank holding companies.
Mr. Ryback formerly was was deputy associate director for international supervisory policy and activities.