Richard Thornton has been named senior vice president and general auditor of the Federal Reserve Bank of Minneapolis. He will start his new role on January 16, 2019, and report to the Board’s Audit Committee, chaired by director Kate Kelly. He will be a member of the Bank’s management committee.
“Rick brings extensive compliance and investigatory experience, high ethical standards, and unwavering support of the Bank’s public mission,” said Ron Feldman, first vice president.
Thornton has been vice president for Law Enforcement and Facilities at the Bank since April 2018. Prior to joining the Bank, Thornton completed a 30-year career at the Federal Bureau of Investigation (FBI). He served there in a variety of senior positions, most recently as special agent in charge of the field office responsible for all operations in Minnesota and the Dakotas, overseeing a staff of more than 450 employees.
In his new role, Thornton will oversee the Bank’s internal audit department, which is charged with evaluating the adequacy and effectiveness of the organization’s risk management, internal control, and governance processes.
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation’s central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.