Summer Intern - Supervision & Regulation - Residential Mortgage Lending (Finance)
Company
Federal Reserve Bank of PhiladelphiaThe Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.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 PhD level or graduate student with preferred majors in economics, finance, real estate, statistics, or applied math. 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-$30.00 per hour depending on the candidate's education.
What You Will Do:
The intern will assist on a project that studies the long-term impact of CARES Act forbearance. In this project, we will study whether the CARES Act forbearance have helped distressed borrowers regain their footing post-forbearance. To overcome identification challenges, we will first adopt a propensity score matching algorithm to compare borrowers who took up CARES Act forbearance with those who didn't. To further address the issue of self-selection due to unobservable, we will also adopt an instrumental variable approach using natural disaster events as an instrument.
For the project timeline:
- Phase 1 (Weeks 1-2): Become familiar with topic and McDash and SHELDUS data
- Phase 2 (Weeks 3-5): Process the McDash and SHELDUS data
- Phase 3 (Week 6): Perform regression analysis under guidance of project manager
- Phase 4 (Weeks 7-9): Collaborate with project manager to understand and summarize findings
- Phase 5 (Week 10): The intern will prepare a presentation on their findings and present this to the FRB as the capstone to this internship.
What You Have:
- PhD or graduate professional currently studying economics or a related field such as finance, real estate, statistics, or applied math
Required Skills:
- Experience working with SAS, Stata, R or other statistical software
- Knowledge of mortgages is a plus
Preferred Competencies:
- Ability to take initiative
- Strong problem-solving skills
- Excellent attention to detail
- Strong oral and written communications skills
Additional Information:
- The Federal Reserve Bank of Philadelphia takes your information privacy seriously. Federal Reserve Bank of Philadelphia staff will only email you from the “@phil.frb.org” domain or through the Workday system “rb@myworkday.com”. If you are initially contacted by phone, feel free to request that the caller provide you with their email address to validate their identity. If you have any questions about the validity of someone who contacts you regarding this position, please email the Talent Acquisition team at TalentAcquisition@phil.frb.org.
- We are an equal opportunity employer committed to hiring the best candidates and to providing equal employment opportunity to all persons without regard to race, color, religion, sex, pregnancy, national origin, age, genetic information, disability, military service, or any other basis protected by law.
- We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment. If you need assistance or an accommodation due to a disability, please email us at TalentAcquisition@phil.frb.org.
- All Federal Reserve Bank of Philadelphia employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
- Background investigations and drug testing are required for all new hires as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be screened for the presence of marijuana. Employment may not begin until the Bank accepts the results of the background investigation.
- All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
- Certain eligibility rules apply. You will provide work authorization to prove your eligibility to work in the United States.
- The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
- This is NOT a 100% remote opportunity. You will be available to work on-site in at least a hybrid capacity.
- Learn more about the Philly Fed and its culture. Learn more about working for the Philly Fed.
Full Time / Part Time
Part timeRegular / Temporary
TemporaryJob Exempt (Yes / No)
NoJob Category
Work Shift
First (United States of America)The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.
Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.
