Full-time / Part-timeFull-time
The Federal Reserve Bank
The future of payments is the FedNow Service! The Federal Reserve Banks are developing a new interbank 24x7x365 real-time gross settlement (RTGS) service with integrated clearing functionality. This service will be the first new business line for the Fed in 40 years and will be transformative for United States Payments by enabling nationwide access across more than 10,000 Banks. The new service, will help enable financial institutions to deliver end-to-end faster payment services to their customers. With the FedNow Service network, banks will be able to provide their customers the ability to send and receive payments any time, any day, and have full access to those funds within seconds. Such a service will also enable the ongoing innovation of payments products offered by Banks, non-Banks and FinTech companies.
You will render legal advice, counsel, and/or guidance on a broad range of the more complex banking, regulatory, and corporate law matters that fall within the domain of the Legal Department at the Federal Reserve Bank of Boston, including the FedNowSM Service. You will report to the Vice President of the Legal Department.
Advise on the application of relevant Federal Reserve policies regarding the provision of financial services to depository institutions and other account holders relating to the FedNow Service and other Federal Reserve Financial Services;
Provide guidance on the regulations, agreements, and policies and procedures governing the payment services that are operated by the Federal Reserve Banks;
Draft and review internal and external memoranda, agreements, and other documentation related, as well as providing advice regarding the appropriate legal framework for new or expanded service offerings;
Coordinate and work with Board legal staff and other Federal Reserve Bank lawyers on legal matters related to the FedNow Service;
Participate on, and on occasion, leading select System workgroups and special projects;
Review and draft contracts and requests for proposals related to the FedNow Service;
Advise on privacy and information security laws, policies and provisions;
Respond to inquiries from the public, government entities, and legal professionals on Federal Reserve regulations, banking laws, and Reserve Bank activities;
Assist the General Counsel and the FedNow Service Managing Counsel with their System responsibilities;
Teach and speak publicly on banking issues and other legal topics to banking organizations, the public, and other legal professionals; and
Advise on the FedNow Service compliance program.
You may be required to directly and/ or indirectly supervise others.
Knowledge and Experience:
Juris Doctor degree or equivalent.
8 or more years of job related experience with at least 5 years’ experience practicing as an attorney working on payment-related matters in a law firm, financial institution, or regulatory agency;
Applicable licensing, certification or registration for the Commonwealth of Massachusetts
Experienced in providing legal advice with respect to commercial banking matters related to payment activities is required;
Excellent oral and written communication skills;
Strong drafting skills, particularly for transactional documents and legal research memoranda; and
Experience negotiating contracts, which involve technology services and intellectual property matters.
The Federal Reserve Bank is committed to a diverse, equitable and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years. All candidates must undergo an enhanced background check and comply with all applicable information handling rules.
For this job, any offer of employment is contingent upon successfully passing a two-phase security screening. The first phase consists of the satisfactory completion of a physical examination (including a drug screening), reference checks, and a security investigation consisting of credit and criminal history checks.
The second phase, which might not be complete until after you begin working at the Reserve Bank, is an additional risk-based security screening determined by the risk rating of the position. Depending upon the sensitivity of the position, this phase may include, and is not limited to, work and residency eligibility verification, and personal interviews with the candidate, references, and prior employers.
Due to the sensitive nature of this role, all applicants must be a U.S. Citizen and be able to obtain and maintain a Top Secret clearance.