For immediate release

Contact: Marilyn Wimp, Manager of Media Relations, 215-574-4197

The Federal Reserve Bank of Philadelphia has announced that William G. Spaniel will head the Bank's Supervision, Regulation, and Credit Department as senior vice president and lending officer, effective November 1, 2015. Spaniel, who is currently senior associate director of the Division of Banking Supervision and Regulation (BSR) at the Board of Governors, will report directly to Patrick T. Harker, president and chief executive officer.

"Bill has deep knowledge of the bank supervision function and brings great insight on how to provide appropriate balance to the supervision of institutions in our District, and I am delighted to have him join our team in Philadelphia," said Harker.

Spaniel will join the senior management team in Philadelphia after 25 years at the Board of Governors, where he advanced through staff and officer positions. Currently, he has responsibility for the day-to-day administration and operations of the division, budgeting, and the quality assurance function for oversight of supervision.

Spaniel joined the Board of Governors staff in 1990 as a supervisory financial analyst and advanced to assistant to the director for BSR before he was appointed assistant director in 2000. He was promoted to deputy associate director in 2003, to associate director in 2006, and to senior associate director in 2008.

Prior to joining the Federal Reserve, Spaniel was a senior consultant for KPMG, specializing in credit administration, profit improvement, and regulatory compliance. He began his career as a compliance officer for a $1 billion savings and loan.

He has a B.A. in economics from the College of William and Mary.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.