The Federal Reserve Bank of New York announced Friday that Popular Inc. President Richard Carrión has been elected a Class A director for a three-year term representing Group 1 which consists of banks with capital and surplus of more than $1 billion.
Carrión, who is also CEO of Banco Popular de Puerto Rico, was elected in 2008 by the Group 2 banks to serve on the Fed’s board. At that time, Banco Popular de Puerto Rico had a capital and surplus of less than $1 billion and therefore was classified as a Group 2 bank. Banco Popular de Puerto Rico now has a capital and surplus exceeding $1 billion and therefore has been reclassified as a Group 1 bank.
An election for a Group 2 director in Class A will be held shortly to fill the post Carrión leaves vacant. Carrión previously served as a Class A Director of the Federal Reserve Bank of New York for the year 1999.
The possibility of Carrión moving up the ranks of the Fed board had been circulating for several months.
Carrión was born in San Juan and received a bachelor’s degree from the Wharton School of Finance and Commerce in 1975 and a master’s degree in Management Information Systems from the Massachusetts Institute of Technology in 1976, the same year he joined Banco Popular.
Among his other activities, he oversaw the implementation of the ATM system throughout the branch network in Puerto Rico and the United States, and the implementation of numerous electronic services to facilitate banking transactions.
Carrión is president of Banco Popular Foundation, and is a member of the board of Verizon Communications. He has been a member of the International Olympic Committee since 1990 and currently chairs the Finance Commission and was elected to the IOC Executive Board in 2004.