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Bank Announces Executive Promotions

For immediate release
Contact: Katherine Dibling, senior media representative, (215) 574-4119

Philadelphia, Pa. – The Federal Reserve Bank of Philadelphia today announced several executive promotions. Michael E. Collins has been promoted to executive vice president; William W. Lang has been promoted to senior vice president and chief examinations officer in the Supervision, Regulation and Credit Department; Mary Ann Hood has been promoted to senior vice president in the Bank's Human Resources Department; John Ackley was promoted to vice president in the Treasury Services Department; and Jim Welch was promoted to vice president in the Law Enforcement Department.

Collins, who had been a senior vice president, oversees the Bank's discount window, which provides loans to eligible depository financial institutions that face liquidity shortages. He also leads the Bank's credit risk function, which provides account support for financial institutions, and manages a staff of nearly 150 professionals. He has worked for the Bank for 35 years, beginning as a high school intern in the Fiscal Department. He began his career in SRC as an assistant examiner in 1974. He has been a consultant for the Central Bank of Trinidad and Tobago. Collins has a bachelor's degree in economics and marketing from Susquehanna University. He is a graduate of the Stonier Graduate School of Banking and the University of Virginia's Graduate School of Retail Bank Management. In 2003, he completed the Advanced Management Program at Harvard Business School.

Lang, who had been a vice president, oversees SRC's safety and soundness and consumer compliance examination units. Lang also oversees SRC's professional development unit. Prior to his arrival at the Bank in 2002, Lang was director for special studies at the Office of the Comptroller of the Currency in Washington, D.C. Before that, he was an assistant professor of economics at Rutgers University and a visiting scholar at the Philadelphia Fed. Lang received a Ph.D. in economics from Yale University.

Hood oversees the Bank's Human Resources Department, including professional education programming for Federal Reserve System employees, and she is also the Bank's EEO officer. She has been with the Federal Reserve System since 1982 when she started working for the New Orleans Branch of the Atlanta Fed. She has also worked for the Memphis Branch of the St. Louis Fed. She is a graduate of Hood College, Frederick, Maryland, and she holds a master's degree in human resource development from Villanova University.

Ackley had been assistant vice president in Treasury Services. In his new position, he will continue to lead his department and have oversight of the Collateral Management System, which meets the needs of the Federal Reserve System's credit risk management community. Ackley also heads Legacy Treasury Direct, an application that supports government financing. In addition, he has responsibility for leading the development of the Treasury's Collateral Management and Monitoring System, a component of the new strategic project undertaken by the U.S. Treasury to modernize the collection and cash management of government funds. He is a graduate of the Bank Administration Institute and attended Temple University.

Welch had been assistant vice president, leading the Bank's Law Enforcement Department. In addition to his responsibilities there, he will now head the Bank's Facilities Department. Welch joined the Bank in 2007 following a 24-year career with the FBI. He had been in a managerial position for nine years. Prior to that, he was employed as a staff accountant with auditing responsibilities at the former A.M. Pullen Co., now McGladrey & Pullen, in New York. He has a bachelor's degree from Iona College in New York from which he graduated magna cum laude. He received the U.S. Attorney's Award in 2004 for his work in relation to the Philadelphia City Hall corruption case.

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 Reserve 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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