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January 2022
Chicago Fed Announces Board Updates

CHICAGO (January 13, 2022) – The Federal Reserve Bank of Chicago today announced the re-election of one Director, election of one Director, appointment of one Director, appointment of the Board Chair and Deputy Chair, re-appointment of one Detroit Branch Director, appointment of three Detroit Branch Directors, appointment of the Detroit Branch Chair, and the appointment of the Federal Advisory Council representative.  All are effective January 1, 2022*.

Re-elected Board Member

Christopher J. Murphy III, Chairman, President, and Chief Executive Officer of 1st Source Corp., and Chairman and Chief Executive Officer, 1st Source Bank, South Bend, Indiana, was elected as a class A (banker) director. He was elected by Group 2 banks, which have a capital and surplus level of $16.6 million and over but less than $460 million.

Elected Board Member

Lisa D. Cook, Professor of Economics and International Relations, Michigan State University, East Lansing, Michigan was elected as a Class B (non-banker) director to serve a three-year term. She was elected by Group 1 banks, which have a capital and surplus level of $460 million and over.

Appointed Board Member

Jennifer F. Scanlon, President and Chief Executive Officer, UL Inc., Chicago, Illinois, was appointed by the Board of Governors of the Federal Reserve System to serve two remaining years of an unexpired three-year term.

Board Chair and Deputy Chair

Dr. Helene D. Gayle, President and Chief Executive Officer, The Chicago Community Trust, Chicago, Illinois, was designated Chair of the Board of Directors for 2022.

Jennifer F. Scanlon, President and Chief Executive Officer, UL Inc., Chicago, Illinois, was designated Deputy Chair of the Board of Directors for 2022.

Re-appointed Detroit Branch Board Member

James M. Nicholson*, Chairman, PVS Chemicals, Inc., Detroit, Michigan, was re-appointed by the Board of Governors of the Federal Reserve System to serve a three-year term.

Appointed Detroit Branch Board Members

Dr. M. Roy Wilson*, President, Wayne State University, Detroit, Michigan, was appointed by the Board of Governors of the Federal Reserve System to serve two remaining years of an unexpired three-year term.

Anika Goss, Chief Executive Officer, Detroit Future City, Detroit, Michigan, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a three-year term.

Kevin Nowlan, Chief Financial Officer, BorgWarner, Auburn Hills, Michigan, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve two remaining years of an unexpired three-year term.

Detroit Branch Chair

Linda P. Hubbard, President and Chief Operating Officer, Carhartt, Inc., Dearborn, Michigan, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a one-year term as the chair of the Detroit Branch Board of Directors for 2022. 

Federal Advisory Council Representative

David R. Casper, U.S. Chief Executive Officer, BMO Financial Group, Chicago, Illinois, was appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a one-year term as the Federal Advisory Council (FAC) representative for the Seventh Federal Reserve District.

The FAC meets quarterly to discuss business and financial conditions with the Federal Reserve Board of Governors in Washington, D.C. It is composed of one banker from each of the 12 Federal Reserve Districts. 

Background about the Board of Directors of the Federal Reserve Bank of Chicago

Directors are selected to represent a cross-section of the Seventh District economy, including consumers, industry, agriculture, the service sector, labor and commercial banks of various sizes.  The Federal Reserve Bank of Chicago Board has nine members. Seventh District banks that are members of the Federal Reserve System elect three bankers and three non-bankers.  The Federal Reserve Board of Governors appoints three additional non-bankers and designates the board's chair and deputy chair from among its three appointees.

Background about the Detroit Branch Board of Directors

The Board of Governors in Washington appoints three of the Detroit Branch directors, and the Federal Reserve Bank of Chicago Board of Directors appoints the four additional Detroit Branch directors.  Members of the Chicago Board also approve the Detroit Branch board chair.

Federal Reserve Bank of Chicago Background

The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation’s central bank.  The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa.  In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.

*Mr. Nicholson and Dr. Wilson’s terms are effective January 10, 2022.

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