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For immediate release
Contact: Katherine Dibling, senior media representative, (215) 574-4119
Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia today announced the promotions of Todd Vermilyea to vice president in the Supervision, Regulation and Credit Department (SRC) and Robert F. Mucerino to assistant vice president in the Treasury Services Department.
Vermilyea, who had been an assistant vice president in the Bank's SRC Department, is responsible for retail risk and bank surveillance operations. In 2009, Vermilyea was a key contributor to the Supervisory Capital Assessment Program, known as the "stress test." This "stress test" was administered by federal bank supervisors to the nation's 19 largest bank holding companies to ensure they would be able to weather a severe economic downturn. Prior to his arrival at the Bank in 1987, Vermilyea was a financial economist at the Office of the Comptroller of the Currency in Washington, D.C. Before that, he spent a year teaching economics at Odessa State University in Ukraine. He received his bachelor's and Ph.D. degrees in economics from the University of South Carolina.
Mucerino, who had been treasury services officer, is responsible for developing and implementing the Treasury's Collateral Management and Monitoring system. This initiative streamlines the government's collections and cash management functions. He is also responsible for the Legacy Treasury Direct system. Mucerino has worked in the Federal Reserve System since 1979, when he started in the Savings Bonds Department. 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. It is 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.