Legal Fellow

Company

Federal Reserve Bank of New York

Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies.

You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. 

Legal Fellowship Program: 

The Legal Fellowship Program is a two-year program designed to give two recent law school graduates (including those in clerkships and legal fellowships) the opportunity to work at the Federal Reserve Bank of New York.   

The Legal Fellows will rotate through the two divisions of the Legal Function within the Legal and Compliance Group.  Through these rotations, the Legal Fellows will have the opportunity to take on a wide variety of legal work, which may include the following types of matters, among others:  financial institution supervision and regulation, market and discount window operations, regulatory enforcement investigations, account and financial services, payments law and regulation, employment, transparency, contracts, and litigation.  The Legal Fellows also will have exposure to compliance work, including in the areas of financial crimes (anti-money laundering, countering terrorism financing, and economic sanctions programs), fraud, sensitive data, Markets Desk trading, ethics and conduct, third-party compliance, controls testing, and risk assessment. 

What we do: 

The Legal Function's mission is to provide high-quality legal services to the Bank.

The function is headed by the Bank's general counsel and is divided into two divisions, each headed by a deputy general counsel: 


* The Supervision, Markets, and Financial Services (SMFS) division provides legal advice in connection with (i) financial institution supervisory and regulatory matters, including legal support for supervision and regulatory reporting and legal analysis of regulatory applications; (ii) the Bank’s open market, U.S.

Treasury auction, foreign exchange, reference rate and discount window operations; (iii) the Bank’s external and sponsored committees; and (iv) the Federal Reserve’s provision of accounts and financial services to depository institutions, the U.S.

Treasury and other government agencies, government-sponsored enterprises, foreign central banks and international organizations, and other entities.

SMFS also analyzes legislative affairs for the Bank, and the head of the division oversees the Bank Applications Department. 



* The Enterprise Legal Services (ELS) division provides a range of expertise in support of the Bank’s mission and operations.

The Enforcement and Litigation team represents the Bank in litigation and other disputes, advises on litigation risk and oversight matters and, together with the Board of Governors, pursues regulatory enforcement investigations and actions against supervised...