Cara Kolb has been appointed senior vice president of Risk and Compliance by the Federal Reserve Bank of Minneapolis Board of Directors. This division is responsible for ensuring that Bank staff effectively manage risks while rigorously complying with procedures and policies. Kolb will also oversee functions related to data privacy and records management.
Kolb joined the Federal Reserve System in 2004, holding several leadership roles in Treasury Services and information technology at the System level before becoming senior vice president of information technology and the Bank’s chief information officer in 2024.
She steps into a vacancy left by the retirement of Rick Thornton.
Kolb has a B.A. in history and sociology from the University of Minnesota and an M.A. in management from Hamline University.
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.