WASHINGTON — Patrick M. Parkinson, former director of supervision for the Federal Reserve board, has joined Promontory Financial Group.
After 31 years at the central bank, he will serve as a managing director at Promontory, consulting on regulatory and risk management issues in Washington.
"Promontory has a good and well-deserved reputation for helping institutions understand what regulators are trying to do, what expectations there are and helping them get there," Parkinson said in an interview. "I will be helping regulated firms meet expectations and promote the goals that I'd been working for over the previous 31 years."
He said he would be focusing on several areas, including capital planning, stress testing, and living wills.
As the director of banking supervision and regulation from 2009 to 2011, Parkinson directed efforts for annual capital planning and stress test initiatives. He has also been involved in the Basel international capital agreements and developed proposals that helped shape the Dodd-Frank financial reform law.
Earlier in his career he was the principal staff adviser to Fed Chairmen Alan Greenspan and Ben Bernanke on issues considered by the President's Working Group on Financial Markets.
"Pat has an exceptional understanding of the forces that are reshaping financial services, having been a highly regarded Federal Reserve staff member even before he found himself on the front lines in addressing the financial crisis," said Eugene Ludwig, Promontory's founder and chief executive officer, in a press release.