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Minneapolis Fed Board of Directors appoints Devaney as SVP and general auditor

Minneapolis, February 1, 2024

Minneapolis Fed Board of Directors appoints Devaney as SVP and general auditor
Timothy Devaney

The Board of Directors of the Federal Reserve Bank of Minneapolis, based on the recommendation of the audit committee of the board, has appointed Timothy Devaney to the role of senior vice president and general auditor, effective February 1. In this role, he leads the Bank’s internal audit department, which is charged with evaluating the adequacy and effectiveness of the organization’s risk management, internal controls, and governance processes.

Devaney will report to the Minneapolis Board of Directors Audit Committee.

Devaney joined the Bank in 1984 and has become a System leader in financial management, financial accounting, and controls. In addition to his strong leadership skills, Devaney received the Susan K. Rossbach Mentoring Award in 2022, the only Bankwide award granted at the Reserve Banks.

Devaney holds a B.A. in economics from the University of Minnesota and an MBA with a concentration in accounting from the University of St. Thomas. He serves on the Minnesota Council on Economic Education’s board of directors.

The position was previously held by Rick Thornton, who was appointed senior vice president of the Risk and Compliance division last fall.

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.