Board of Governors of the Federal Reserve System

The Federal Reserve System today announced the appointment of its payments security strategy leader, Kenneth Montgomery, the first vice president and chief operating officer of the Federal Reserve Bank of Boston. In this role, Montgomery will lead the Federal Reserve's effort to reduce fraud risk and advance the safety, security and resiliency of the U.S. payment system. His responsibilities will include chairing the Secure Payments Task Force, which is comprised of more than 200 industry stakeholders.

"Ken's extensive background in information technology and his collaborative leadership style will be critical to addressing a variety of important challenges as we continue to make improvements to the nation's payments infrastructure," said Esther George, president and chief executive officer of the Federal Reserve Bank of Kansas City and sponsor of the payments improvement initiatives.

Federal Reserve Board Governor Jerome H. Powell, who co-chairs the initiative's oversight committee, said, "Ken's long and distinguished record of service to the Federal Reserve System, along with his business experience and technical expertise, are exactly what's needed to help maintain a strong partnership with the industry on improved payments security."

Montgomery will retain his position as first vice president and chief operating officer at the Federal Reserve Bank of Boston, where he is responsible for financial and U.S. Treasury services, information technology, strategic planning, human resources, corporate support, and administrative activities.

Montgomery also directs financial management strategies and operations in a national capacity for the Federal Reserve System's Financial Support Office. He serves on the Federal Reserve's Financial Services Policy Committee, which sets the strategic direction for the evolving U.S. payment system, and he serves as vice chairman of the Advanced Cyber Security Center, a nonprofit consortium made up of industry, university, and government.

Prior to joining the Boston Fed in 2011, Montgomery was executive vice president and Federal Reserve System chief technology officer at the Federal Reserve Bank of Richmond. In this role, he presided over a wide range of information technology functions that guided and supported technology groups at regional banks across the Federal Reserve System. Montgomery's Fed career began at the Federal Reserve Bank of New York in 1983.

Montgomery succeeds Federal Reserve Bank of Chicago Senior Vice President Todd Aadland, who has served as payments security strategy leader since September of 2015 and will assume responsibility for multiple Treasury Services programs and Wholesale Operations at the Federal Reserve Bank of Kansas City.

President George complimented Aadland for his role in overseeing the development of the Federal Reserve's strategy and coordinating the work of the Secure Payments Task Force. President George said, "Todd has done an extraordinary job shepherding the group through its first phase of work and has built a strong foundation for continued progress on payment system security."

Additional information about the Federal Reserve's Strategies for Improving the U.S. Payment System, including the Secure Payments Task Force, is available at www.FedPaymentsImprovement.org.