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Philadelphia Fed Announces Promotions

For immediate release
Contact: Katherine Q. Dibling, senior media advisor, 215-574-4119

Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia has announced the promotion of Arun Jain from vice president to senior vice president of the Bank's Retail Payments Department and Robert Mucerino from Collateral Management's national support service manager to Treasury Services officer.

Jain oversees the Bank's Retail Payments Department and is responsible for all aspects of check operations, including receipt, processing, settlement, and delivery of electronic and paper checks. He will continue his leadership role in the consolidation of the Federal Reserve System's check processing operation as it evolves to an all-electronic system.

Jain has nearly 30 years' experience working with the Federal Reserve System. He began his banking career at the Federal Reserve Bank of Minneapolis in 1979 and came to the Philadelphia Fed in 1984. During his time at the Bank, Jain has managed the implementation of new check-adjustment and check-processing systems, as well as electronic cash letter services for all Federal Reserve offices. Previously, he served as vice president of Cash Services. Jain has an MBA and a master's degree in industrial engineering from the University of Minnesota.

Mucerino is responsible for overseeing the development and implementation of the Treasury's Collateral Management and Monitoring (TCMM) system. This initiative is a collaborative effort between the U. S. Treasury and the Philadelphia Federal Reserve to streamline the government's collections and cash management functions. Mucerino also manages the Central Business Administration Function (CBAF) of both the newly established TCMM system and the Collateral Management System.

Mucerino has been with the Philadelphia Fed since 1979. During his tenure, he has overseen the successful re-engineering of the Collateral Management System to support the needs of the credit risk community. He holds a bachelor's degree in business administration from Temple University.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional 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.

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