For immediate release

The Federal Reserve Board today announced major changes in the management structure of its Division of Consumer and Community Affairs, including the appointment of a new Division Director. Effective June 1, the Board appointed Dolores S. Smith as Division Director to succeed Griffith L. Garwood, who is retiring on May 31. Ms. Smith currently serves as an Associate Director of the Division. At the same time, the Board promoted Glenn E. Loney to Deputy Director from Associate Director and named Adrienne D. Hurt and Sandra F. Braunstein to the official staff as Assistant Directors. They join Maureen P. English and Irene Shawn McNulty as Assistant Directors. Ms. Smith joined the Board in 1975 and has been responsible for all of the regulatory work within the division since 1992 and for the Consumer Advisory Council since 1980. As Director, she will oversee the division's work in administering federal consumer protection, fair lending, and community reinvestment statutes and regulations; overseeing the examination of state member banks for compliance; participating in the bank holding company application process; directing the System's Community Affairs program; and overseeing the consumer complaint process. Ms. Smith is a graduate of the University of Texas, the Georgetown University Law Center, and the Stonier Graduate School of Banking. Mr. Loney began his Board career in 1975 and is currently Associate Director with responsibility for compliance examinations, applications processing, community affairs, and fair lending enforcement. As Deputy Director, Mr. Loney will provide operational oversight of designated functional areas (Compliance, Fair Lending Enforcement, Community Affairs, and Consumer Advisory Council) and will assist the director in overseeing all other division functions (Regulations, Consumer Complaints, Consumer Policies, Information Resources, and Administration). Mr. Loney is a graduate of Michigan State University, the University of Michigan Law School, and the Stonier Graduate School of Banking. Ms. Hurt joined the Board in 1983 and currently serves as Managing Counsel, directing one of two units of regulatory attorneys. She has responsibility for several regulations, including Truth in Lending, Electronic Fund Transfers, and Consumer Leasing. As Assistant Director, Ms. Hurt will supervise the division's regulatory work. She holds undergraduate and law degrees from the American University. Ms. Braunstein joined the Board in 1987. She currently serves as the Manager of the Community Affairs program. In her new position as Assistant Director, Ms. Braunstein will continue to oversee the Consumer Affairs program as Community Affairs Officer and will serve as the liaison between the Board and the Consumer Advisory Council. She is a graduate of the American University. Ms. English will continue to have oversight responsibility for the Consumer Complaints, Consumer Policies, Information Resources, and Administration functions. Ms. McNulty will supervise the Reserve Bank Oversight, Applications, and Fair Lending Enforcement functions.

1998 Other announcements