For immediate release
Contact: Daneil Mazone, Media Relations, 215-574-7163
Philadelphia, PA — The Federal Reserve Bank of Philadelphia announced that Michelle M. Scipione was recently appointed to the position of vice president and general auditor by the Audit Committee of the Bank's board of directors. In her new position, effective January 1, 2015, Scipione will be responsible for assessing the Bank's financial condition, procedural and accounting controls, operational effectiveness, and compliance with laws and regulations. Scipione will succeed Richard A. Sheaffer, who has announced his plan to retire at the end of this year.
"We thank Rich Sheaffer for his dedicated service over the past 40 years and wish him all the best in retirement," said Frederick C. "Ted" Peters II, chairman and CEO of Bryn Mawr Trust Company, who chairs the Audit Committee. "We have every confidence that Michelle's experience and demonstrated commitment to strong internal controls will serve us all well in her new role."
Scipione has been vice president of Treasury Services since January of this year. She began her career at the Bank in 1989 as an internal auditor and was transferred to the Cash Services Department in 1992. Scipione took on increasing responsibilities in Cash Services from 1992 to 2006, when she was promoted to vice president of Cash Services. In that role, she was responsible for currency, coin paying/receiving, and high-speed currency processing. Scipione has an M.B.A. in management from La Salle University and a bachelor's degree in finance from Temple University.
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.