NEW YORKâThe Federal Reserve Bank of New York announced that John H. Buhrmaster, president and chief executive officer of 1st National Bank of Scotia, has been elected as a Class A Director representing Group 3. Class A directors represent banks in the New York Fed’s region. Buhrmaster was elected by member banks in Group 3, which are member banks with capital and surplus of less than $40 million. Buhrmaster will serve a three-year term ending December 31, 2026.
Buhrmaster is a fourth-generation banker who joined 1st National Bank of Scotia in 1986 as a teller. He first served as vice chair and then chair of the Consumer Financial Protection Bureau’s Community Bank Advisory Council (CBAC), in addition to serving as chair of CBAC’s Mortgage and Small Business subcommittee. Buhrmaster currently serves as chair of the Fidelity Information Services Core Banking Strategic Planning Advisory Council and serves as a director of the Senior Housing Crime Prevention Foundation, a subsidiary of the Independent Community Bankers of America (ICBA).
Buhrmaster served as national chair of the ICBA, chair of subsidiary ICBA Bancard, as a director of TCM Bank, a credit-card-only national bank, and chaired various community banking committees. He is a past chair of the Independent Bankers Association of New York State, and a member of the New York Bankers Association, currently serving on the Legislative & Regulatory Policy committee. He has testified before the House and Senate regarding community bank and consumer issues. Buhrmaster is a graduate of Syracuse University.
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.
