The Federal Reserve Bank of Cleveland has promoted Greg Stefani to head credit risk management and data services, with the rank of vice president.

He succeeded vice president Ray Kalich, who now leads the Cleveland Fed's financial management services group, which includes strategic planning, budget and expense, and purchasing.

Mr. Stefani supervises the bank's discount window and payments system risk functions. He joined the banking supervision and regulation department in 1983 and had been an assistant vice president since 1996.

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