Federal Reserve Bank (FRB)
Summer Intern - Supervision & Regulation - BSA / AML (Finance)
Bring your passion and expertise, and we'll provide the opportunities that will challenge you and propel your growth!
Job Summary:
The Federal Reserve Bank of Philadelphia is seeking a graduate student with preferred majors in economics, finance, business, consumer finance, or computer science/machine learning/AI. This opening is hybrid where the intern comes into the office 2-3 times a week to work with the project manager, but working fully remote will also be permissible.
The work schedule is Monday – Friday (40 hour per week). This is a 10-week paid internship. The hourly rate for this position is $26.00 per hour depending on the candidate's education.
What You Will Do:
The selected intern will work on a project that analyzes the effects of anti-money-laundering (AML) laws and regulations in curbing related risks in the consumer markets, focusing on both bank risk and credit exposure and consumer behavior and welfare.
Each year, a substantial percentage of the US and global GDP is impacted by money laundering, posing large regulatory, legal, and reputational risks, and significantly increasing the banking system's risks. The Bank Secrecy Act / Anti-Money Laundering (BSA/AML) in the US are examples of laws and regulations intended to protect banks from such money laundering, financing of terrorism, and other related criminal activity risks.
This project studies whether BSA/AML regulations may help reduce the banks' exposure to AML risks in consumer markets using a variety of loan-level consumer data as well as bank-level data over 1990-2024 combined with BSA/AML regulatory shocks and other measurements. Specifically, the intern will use several credit bureau and loan-level data for consumer credit products to investigate effects of BSA/AML regulations on lender risk exposure as well as consumers' credit and other outcomes including debt, delinquency, and bankruptcy, among others. The analysis will also investigate heterogeneous effects across different groups of consumers, markets, and lenders.
What You Have:
Required Skills:
Preferred Competencies:
Additional Information:
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