NEW YORK—The Federal Reserve Bank of New York today announced that Richard L. Carrión has been elected a Class A director for a three-year term representing Group 1 which consists of banks with capital and surplus of more than $1 billion.
Mr. Carrión, who is chairman, president and chief executive officer of Banco Popular de Puerto Rico, was elected in 2008 by the Group 2 banks to serve on the Bank’s Board. At that time, Banco Popular de Puerto Rico had a capital and surplus of less than $1 billion and therefore was classified as a Group 2 bank. Banco Popular de Puerto Rico now has a capital and surplus exceeding $1 billion and therefore has been reclassified as a Group 1 bank.
An election for a Group 2 director in Class A will be held shortly.
Mr. Carrión was born in San Juan, Puerto Rico. He received a bachelor’s degree from the Wharton School of Finance and Commerce in 1975 and a master's degree in Management Information Systems from the Massachusetts Institute of Technology in 1976.
Mr. Carrión is chairman, president and chief executive officer of Banco Popular de Puerto Rico and of Popular, Inc., Banco Popular’s holding company. Mr. Carrión joined Banco Popular in 1976. Among his other activities, he oversaw the implementation of the ATM system throughout the branch network in Puerto Rico and the United States, and the implementation of numerous electronic services to facilitate banking transactions.
Mr. Carrión is president of Banco Popular Foundation, and a member of the board of Verizon Communications. He has been a member of the International Olympic Committee (IOC) since 1990 and currently chairs the Finance Commission and was elected to the IOC Executive Board in 2004. Mr. Carrión previously served as a Class A Director of the Federal Reserve Bank of New York for the year 1999.
About the Reserve Banks’ Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.