Washington, D.C. — Today, the Bank Policy Institute announced its head of research, Francisco Covas, has been promoted to executive vice president. Mr. Covas joined BPI’s predecessor organization The Clearing House in 2016 from the Federal Reserve Board where he was an assistant director of the Division of Monetary Affairs. As head of research for BPI and TCH, Mr. Covas has published academic quality research on a diverse set of prudential banking issues. He is one of the foremost experts on bank stress testing, and his work examining the effect of stress tests on small business lending has been cited by Congress and national and international media. His research was the first to demonstrate the procyclicality of the current expected credit losses accounting standard. He is also regularly invited to present his work at academic, regulatory and industry conferences.
“Francisco has published groundbreaking, unassailable research at BPI, which has earned him the respect of fellow economists, policymakers and members,” said BPI President and CEO Greg Baer. “We are fortunate to have him as a member of our team, and he is well deserving of this recognition.”
“Francisco’s initiative, creativity and hard work coupled with his unparalleled subject matter expertise have been central to BPI’s success in promoting more efficient bank regulatory policy and to enhancing BPI’s reputation as a research institution,” said BPI Chief Economist Bill Nelson. “His effective management of the Research group, and his leadership within BPI, have strengthened the organization and its culture. The promotion is well-deserved recognition of his valuable contributions to BPI.”
About Bank Policy Institute.
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.