National Penn Bancshares president and CEO Scott V. Fainor of Allentown has been appointed to the Federal Reserve Board of Governor's Federal Advisory Council for 2014.
He will represent the Philadelphia District of the Federal Reserve Bank and will be one of 12 members of the national council, which consults with and advises the board on all matters.
The council meets in Washington, D.C. at least four times a year.
“The Fed relies on council members to help inform a broad range of issues, like the health of the housing market, financial cyber-security, and prudent practices for international banks,” said Herb Taylor, vice president and corporate secretary of the Federal Reserve Bank of Philadelphia. “Scott’s breadth of banking experience, commitment to sound banking principles, and dedication to serving the community, will make him a valuable contributor to the council, and we are proud to have him as our Bank’s representative.
Fainor has been president of National Penn Bancshares Inc. since 2010 and previously was president and CEO of KNBT Bancorp Inc.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks, and bank and savings and loan 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.