Popular Inc. CEO Carrion Picked as New York Fed Board Director

March 15 (Bloomberg) -- Popular Inc. Chief Executive Officer Richard Carrion was elected to a three-year term on the Federal Reserve Bank of New York’s board, the district bank said today.

He will represent banks with capital and surplus of more than $1 billion. Carrion previously served as a director on the New York Fed’s board representing banks with capital and surplus of less than $1 billion.

The New York Fed will hold an election for a director to represent that group “shortly,” the district bank said today in a statement on its website.

Popular is a bank holding company based in Puerto Rico, which is part of the New York Fed district.

To contact the reporters on this story: Caroline Salas Gage in New York at csalas1@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net