2020 Brings Changes To Federal Reserve Bank Of St. Louis

White to succeed Stackhouse as managing officer for banking supervision

by Lori Bruce
MBA Communications Director

Julie Stackhouse, Federal Reserve Bank of St. Louis  Carl White, Federal Reserve Bank of St. Louis 
After a nearly 35-year career with the Federal Reserve Bank of St. Louis, Julie Stackhouse is retiring in early March. Carl White will succeed Stackhouse as the bank’s top managing officer for banking supervision, credit, community development and learning innovation.

As Stackhouse nears her final months with the Federal Reserve, White is committed to continuing “the momentum that has been built under Julie’s leadership.”
The start of the New Year is one of transition at the Federal Reserve Bank of St. Louis, and its new banking leader fully expects this change to be completely seamless to the bankers and partners that the bank serves. 

Carl White will succeed Julie Stackhouse as the bank’s top managing officer for banking supervision, credit, community development and learning innovation. After a nearly 35-year career with the Federal Reserve, Stackhouse is retiring in early March. 

“Leaving the Federal Reserve is very bittersweet,” Stackhouse said. “I have truly enjoyed the work that I’ve done with bankers, the commitment of community banks to their communities, the integrity and ethics of the bank examiners and this eye toward service that is so prominent in the industry.”

Stackhouse began her career in 1980 with the Federal Reserve Bank of Kansas City. It was here that she encountered situations — oil prices in Oklahoma and the ag crisis in Kansas and Nebraska — that would prove to be a “great training ground” for the collapse of the mortgage market and the financial markets during the 2007-08 financial crisis. 

“I’ve had an incredible opportunity to be present at so many different types of events, but also to be able to get a real full understanding of how the industry works, but importantly the resiliency of the industry after all is said and done,” she said.

In reflecting on her career, Stackhouse notes the 2007-08 financial crisis stands out.

“The financial crisis will never be forgotten, simply because of the very amazing things that took place and, in particular, things the Federal Reserve did to bolster the financial markets to avoid a complete collapse,” she said. “How they saved the U.S. economy and financial system from complete collapse — it was not only amazing, it’s something that I feel very proud to be a part of.”

Stackhouse also is proud of the outreach and educational opportunities that the St. Louis Fed provides to bankers. The Ask the Fed program offers resources to ensure bankers “know what is going on in the regulatory environment and that they understand the rules of the road before the next examination or before they have to figure it out for themselves.”

“We are communicating in a helpful, positive way to make the regulatory environment a little bit easier to be able to move through,” Stackhouse said. “Our mutual objectives are to ensure banks are operated in a safe and sound manner. The more we can do by communicating the rules of the road in advance, the better off we all are.”

That communication is key as the banking industry continues to experience change, especially with technology. 

“Consumers and businesses expect much more today than they did five or 10 years ago,” Stackhouse said. “It’s really changed the way that individuals and corporations expect to access services, and that includes banking services.”

In meeting customers’ expectations through various electronic means, she explained banks are deciding how much they do and when, and what service providers do they choose to partner with to deliver those services. 

“You don’t want to move too fast because it’s an unnecessary expense if your customers aren’t ready or don’t want it,” Stackhouse said, “but you can’t be too slow either because the next generation of customers may be slipping out and going somewhere else, and you may not even see that customer in the future if they feel they are not being served as they enter the financial system with their own accounts.

“For community banks, at the end of the day, it’s all about the customer and the community. To the extent that a bank is able to really connect with that customer and community, to know not only customers’ current needs but what the customer might demand in the future — think technology in this case — and make the strategic decisions at the right time to provide those services to the customer,” she added.

As Stackhouse nears her final months with the Federal Reserve, White is committed to continuing “the momentum that has been built under Julie’s leadership.” This includes outreach to financial institutions and its responsiveness to banks.

“One of our strengths has been if we’re asked a question ... we may not have the immediate answer, but we’re going to get you the answer,” White said. “And that’s pervasive throughout our entire division, from the examiners with their boots on the ground all the way up to our senior officers.”

White, who began as an examiner with the St. Louis Fed, has been involved in almost all areas of bank supervision throughout his nearly 33-year career. He said banks can expect the Fed to maintain its reputation as a “firm but fair regulator.”

“If there’s an issue, we identify it,” White said. “But, we look at it as a partnership. We don’t want to have troubled banks just as much as banks don’t want to be in troubled conditions. We’re going to call it what it is, but we’re also going to be there to help (banks) throughout those issues.”

With a strong team in place throughout the organization, the Federal Reserve Bank is set to embark on another chapter as it seeks to build on its successful relationships with the banking industry. 

The Missouri Banker 
January 2020