Montgomery is charged with leading the Federal Reserve’s effort to advance the safety and reduce fraud risk in the U.S. payment system. Among his responsibilities, he will chair the Secure Payments Task Force, which is made up of approximately 200 industry stakeholders.
“Ken’s extensive background in information technology and his collaborative leadership style will be critical to addressing a variety of important challenges as we continue to make improvements to the nation’s payments infrastructure,” said Esther George, president and chief executive officer of the Federal Reserve Bank of Kansas City and sponsor of the payments improvement initiatives.
Montgomery is the first vice president and chief operating officer of the Federal Reserve Bank of Boston, a job he will maintain. There, he is responsible for financial and U.S. Treasury services, information technology, strategic planning, human resources, corporate support, and administrative activities.
In addition, Montgomery directs financial management strategies and operations for the Federal Reserve System’s Financial Support Office and serves on the Federal Reserve’s Financial Services Policy Committee. The committee sets strategy for the evolving U.S. payment system.
Further, Montgomery serves as vice chairman of the Advanced Cyber Security Center, a nonprofit consortium made up of industry, university, and government.
“Ken’s long and distinguished record of service to the Federal Reserve System, along with his business experience and technical expertise, are exactly what’s needed to help maintain a strong partnership with the industry on improved payments security,” Federal Reserve Board Governor Jerome Powell, co-chair of the initiative’s oversight committee, said.
Before joining the Boston Fed in 2011, Montgomery was chief technology officer at the Federal Reserve Bank of Richmond.
Montgomery succeeds Federal Reserve Bank of Chicago Senior Vice President Todd Aadland, who held the position since September of 2015. Aadland will now oversee Treasury Services programs and Wholesale Operations at the Federal Reserve Bank of Kansas City.
“Todd has done an extraordinary job shepherding the group through its first phase of work and has built a strong foundation for continued progress on payment system security,” George said.