Steven Fay is a vice president in the supervision, regulation and credit (SRC) department at the Federal Reserve Bank of Boston. Steven oversees the management and administration of the Regional & Community unit, which supervises state member banks and bank holding companies, including savings and loan holding companies, $100 billion and under in total assets.

Steven joined the Bank in 1997 as a research assistant in the Research department. In 2001, he became a quantitative analyst in SRC, and he has since assumed roles of increasing responsibility in the department. In 2016, he became assistant vice president and has been responsible for designing and directing the supervisory program for large financial firms with distinct risk profiles, corporate structures, and financial accounting profiles. Since 2021, Steven was the vice president responsible for designing and directing the supervision of State Street Corporation in ways that are consistent with Fed supervisory requirements.

Steven was also a member of Federal Reserve System oversight groups, including the Large Foreign Banking Organization Risk Coordination Group and Large Foreign Banking Organization Cybersecurity Oversight Group. Steven's prior leadership roles include capital planning lead, and coordinator for the U.S. implementation of Basel II. Within the department, Steven co-led a workgroup focused on enhancing the hybrid work engagement model, serves as the sponsor of the events committee, and is a member of the Compensation Committee as well as the Emerging Risk and Policy Forum. Previously, Steven served as treasurer of the Bank's Federal Reserve Society.

Steven holds a bachelor's degree from Connecticut College in economics and an MBA from Bentley University. He has participated in the Greater Boston Executive Program in Business Management at the Massachusetts Institute of Technology. Steven also received the Federal Reserve System's 2013 William Taylor Award for Excellence in Banking Supervision.