Patrick Parkinson will succeed Roger Cole as the director of the Federal Reserve Board's division of banking supervision and regulation, the central bank announced on Tuesday.

Parkinson, a veteran Fed economist, will take the job immediately. Cole retired from the central bank in August.

"As an economist with deep expertise in financial markets, Pat Parkinson will be an important asset at a time when we are focusing on a multidisciplinary approach to banking supervision and regulation," Fed Chairman Ben Bernanke said in a press release. "We're looking to supervise the banking sector in a way that focuses not just on individual institutions, but on how those institutions are interconnected and are integrated into the financial system and the economy. Pat is the right person to lead the division as we develop these new methods."

Parkinson joined the Fed in 1980, initially as an economist in the division of international finance. He moved into banking supervision six years later as the manager of the financial analysis section and became chief of the capital markets section of the division of research and statistics in 1988.

He has been deputy director of that division since 2005.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.