The Federal Reserve has a new payments strategy director. Dave Sapenaro, first vice president and chief operating officer of the Federal Reserve Bank of St. Louis, will lead payment system improvement initiatives described in the regulator’s “Strategies for Improving the U.S. Payment System” paper published in January 2015.
Sapenaro will succeed the retiring Gordon Werkema and will continue in his current post at the St. Louis Fed.
“Three years ago, Dave led the development of the strategies paper and our initial plans for pursuing the desired outcomes for payment system improvement,” said Federal Reserve Bank of Kansas City President and CEO Esther George, who sponsors the payments improvement initiative. “Dave’s leadership experience in many facets of our payments responsibilities and his commitment to the work are exceptional, and I am delighted to have him lead the next phase of our improvement efforts.”
As payments strategy director, Sapenaro will lead the Fed’s strategies related to faster payments, payments security and stakeholder engagement. He will collaborate with the Fed’s current financial services business leaders to execute the full complement of strategies outlined in the 2015 paper.
During his 32-year career with the Federal Reserve, Sapenaro spent 10 years at the Federal Reserve Bank of Kansas City, holding a variety of leadership positions in payment operations, including the bank’s automated clearing house and funds transfer operations. Sapenaro subsequently joined the St. Louis Fed, where he spent eight years leading various initiatives in support of U.S. Treasury operations prior to assuming his current role as first vice president in January 2006.
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