The Federal Reserve Bank of Richmond has announced that three of its employees have received the prestigious 2025 William Taylor Award for Excellence in Bank Supervision. Nika Lazaryan, Dengli (Jay) Yang, and Andrew Martindale were among the 10 recipients this year, recognizing their outstanding contributions to bank supervision within the Federal Reserve System.
Lazaryan and Yang, along with Eric Glaubke from the Federal Reserve Bank of Minneapolis, were honored for their work on the proposed redevelopment of the pre-provision net revenue model suite. This suite of econometric and statistical models is crucial for projecting a bank's core operating revenues and expenses during supervisory stress tests, which assess whether banks have sufficient capital to withstand financial stress.
Martindale was recognized for his 17-year career in supervision, progressing from a community bank examiner to an expert on global systemically important banks (GSIBs). His career exemplifies how skills developed in community banking can be applied to larger institutions, and he now mentors examiners across the Federal Reserve System.
The awards were presented at a ceremony in Washington, D.C., earlier this month. Federal Reserve Vice Chair for Supervision Michelle Bowman highlighted the importance of the honorees' work, stating that their efforts ensure the banking system remains safe, sound, and resilient. The award is named in memory of William Taylor, a former director of the Division of Banking, Supervision and Regulation for the Federal Reserve's Board of Governors.