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Last Updated: 05/20/08

News Release

Chicago Fed Announces New Vice Presidents

CHICAGO — The Federal Reserve Bank of Chicago today announced the hiring of a new vice president and the promotion of a current staff member to that position:

Carl Tannenbaum New Vice President in Risk Specialist Division of Supervision and Regulation

Tannenbaum, 48, was recently hired to lead the Risk Specialist Division of the Supervision and Regulation Department. Prior to joining the Federal Reserve Bank of Chicago, Tannenbaum spent nearly 25 years at Chicago-based LaSalle Bank, where he directed the Balance Sheet Risk Management Group and served as the organization's chief economist.

Tannenbaum earned master's and bachelor's degrees in finance and economics from the University of Chicago. He lives in Downers Grove, Illinois.

Steve Durfey New Vice President of Large Bank Supervision

Durfey, 44, has been promoted to vice president, Supervision and Regulation. He joined the Federal Reserve Bank in 1987 as an assistant examiner. Most recently he served as assistant vice president responsible for the Supervision and Regulation Department's Capital Markets Group.

Durfey earned a bachelor's degree in business administration specializing in finance from the University of Iowa in 1986. He resides in Buffalo Grove, Illinois.

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, DC, make up the nation's central bank. The Chicago Reserve Bank serves the 7th Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the entire 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.

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