The Federal Reserve Bank of Minneapolis Board of Directors has appointed Cara Kolb as senior vice president of Risk and Compliance, the bank announced.
In her new role, Kolb will be responsible for ensuring bank staff effectively manage risks while rigorously complying with procedures and policies. She will also oversee functions related to data privacy and records management.
Kolb joined the Federal Reserve System in 2004 and has held 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 holds a bachelor’s degree in history and sociology from the University of Minnesota and a master’s degree in management from Hamline University.
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Minneapolis Fed is responsible for the Ninth Federal Reserve District, which covers Montana, North and South Dakota, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. The bank participates in setting national monetary policy, supervises banking organizations and provides payment services to financial institutions and the U.S. government.