Federal Reserve Bank of Boston Appoints New General Auditor
The Federal Reserve Bank of Boston today announced the appointment of Jon Colvin to Senior Vice President and General Auditor, effective June 1, replacing the retiring Roland Marx.
To ensure independence and objectivity, the General Auditor reports to the Bank's Board of Directors. The internal audit function led by the General Auditor is among the assorted entities that audit and review the various Federal Reserve activities, which also includes the Government Accountability Office, the Board of Governors' Office of Inspector General, and an independent external auditor.
Since 2007, Colvin has served as the Boston Fed's Vice President and Chief Financial Officer, overseeing the organization's accounting, financial planning, financial reporting, budgeting, forecasting, and procurement.
Jon first joined the Boston Fed in 1998, following experience at KPMG Peat Marwick LLP as a financial statement auditor and tax analyst. Over the course of his Boston Fed career, he has served as Assistant Vice President and Accounting Officer, Financial Audit Manager, and Internal Auditor, among other roles. He holds an undergraduate degree from Boston College and an MBA from Babson College. Jon is a Certified Public Accountant, is a member of the American Institute of Certified Public Accountants, and holds the Chartered Global Management Accountant certification.
The Federal Reserve Bank of Boston is one of 12 regional banks that, together with the Federal Reserve Board of Governors in Washington, DC, make up the Federal Reserve System. As the nation's central bank, the Federal Reserve System formulates and implements U.S. monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government.
The Boston Federal Reserve Bank serves the First Federal Reserve District, which includes all of New England except Fairfield County, Connecticut. Within the District, the Bank monitors local economic conditions to aid in the formulation of monetary policy; engages in outreach to promote economic growth, community revitalization, and economic and financial education; supervises banks and bank holding companies; and provides financial services to facilitate banking operations.