 Teresa M. Curran
Group Vice President, Banking Supervision & Regulation
Phone: (415) 974-3134
As Group Vice President for Banking Supervision, Ms. Curran oversees the supervision of all financial institutions supervised by the Federal Reserve in the 12th District. Under Ms. Curran’s direction since 1995, the BS&R Asia Program has earned a reputation within the Federal Reserve System and financial sector community for innovative programs and timely analysis of financial sector developments in Asia.
Prior to joining the Federal Reserve, Ms. Curran served with the U.S. Executive Director at the Asian Development Bank in the Philippines, as an international economist at the Department of the Treasury, and as a staff member of the House Committee on Foreign Affairs. She is a graduate of Pomona College (BA) and Harvard University (MPP), and has a MBA Certificate from U.C. Berkeley Extension Program. She is on the boards of several non-profit organizations.
 Stanley Crisp
Vice President, Regional & Foreign Institutions Group
Phone: (415) 974-2896
Stan Crisp is the Vice President over the Regional & Foreign Institutions Group (RFIG) in the Banking Supervision and Regulation (BS&R) Division of the Federal Reserve Bank of San Francisco (FRBSF). He is a credentialed examiner of the Federal Reserve System and a former commissioned National Bank Examiner with the Office of the Comptroller of the Currency (OCC).
With over 20 years of combined OCC/FRB supervisory experience, his career has spanned a broad range of institutional types, including acting as examiner-in-charge (EIC) or central point of contact (CPC) for large, complex or troubled institutions. This experience includes rating or assessing risks and risk management across the full spectrum of functional areas, with a particular focus on treasury and capital markets, asset management, information technology, audit and internal controls, mortgage banking and credit card operations.
Stan is a former commissioned officer in the United States Navy and designated Naval Aviator. He is a graduate of the United States Air Force Academy (BS Economics), has an MBA in finance from San Francisco State University and is a CFA Charterholder.
 Walter Yao
Senior Manager, Country Analysis Unit
Phone: (415) 974-2936
Walter Yao is currently Senior Manager of the Country Analysis Unit. In that capacity, he manages the country analysts and coordinates the Unit's research and analyses of Asian economies. Prior to managing the Unit in October 2007, his primary focus was on the areas of accounting, disclosure, and capital standards. He also served as co-chair of the Accounting Communications Network, a Federal Reserve System committee on accounting issues, and actively participated in the planned implementation of Pillar 3 of the revised Basel capital framework. In addition, he has served as an Advisor to the People’s Bank of China and to the Bangko Sentral ng Pilipinas under the technical assistance programs of the International Monetary Fund.
Walter Yao received his Bachelor of Science in Business Administration from the University of California, Berkeley, and his Master of Science in Industrial Administration from Carnegie Mellon University. In addition, he holds the professional designations of Chartered Financial Analyst, Certified Management Accountant, and Certified Public Accountant.
 R. Ashle Baxter
Country Manager - Japan and Thailand
Phone: (415) 974 - 2282
Ashle Baxter is a Country Manager and Financial Analyst for Japan and Thailand in the Country Analysis Unit. Prior to joining the Federal Reserve Bank of San Francisco, he worked for three years as a Senior International Trade Analyst for Asia at White & Case in Washington, DC. He also worked for two years as a Research Associate for Asia and Economic Studies at the Council on Foreign Relations in Washington, DC. Ashle has an MA in International Relations from American University with a focus on International Economic Policy and an MA in International Relations from Ritsumeikan University in Kyoto, Japan with a focus on the Japanese economy. He earned his BA in International Relations from Middle Tennessee State University.
 Nkechi Carroll
Country Manager – Philippines
Asia Program Coordinator
Phone: (213) 683 - 2378
In CAU Nkechi is responsible for coordinating events and publications for the Asia Program including our Asia Financial Forum speaker series, Asia conferences and publicly distributed analysis. In addition, Nkechi is responsible for monitoring and reporting on the condition of Philippines’ banking system and relevant economic and political trends that affect that banking system. Prior to the Federal Reserve Bank of San Francisco, Nkechi worked as a Trader/Analyst at the Federal Reserve Bank of New York for six years, where her work included the Euro portfolio conversion and conducting open market operations. Nkechi graduated from the University of Pennsylvania with a B.A. in Economics and French and also has a Masters in International Economics from New York University.
 Grace Li
Country Manager - Taiwan and Singapore
Phone - (213) 683 - 2708
Grace Li is a Country Manager and Financial Analyst for Japan, Singapore, and Taiwan in the Country Analysis Unit (CAU). She has been at the Federal Reserve Bank of San Francisco (FRBSF) since 2001. Prior to joining CAU, Grace was an examiner in the Financial Institutions Supervision Group for over seven years. In that role, she served as an Examiner-in-Charge for a number of state member banks, bank holding companies, and branches of foreign banking organizations. Before joining FRBSF, Grace worked as a performance measurement supervisor and analyst at a pension fund consulting firm.
Grace Li graduated from University of California, Los Angeles (UCLA) with a B.A. in Economics and Political Science. Grace also earned her Master of Business Administration from the UCLA Anderson School of Management. In addition, she is a commissioned bank examiner of the Federal Reserve System and holds the Certified Public Accountant designation.
 Cindy Marks
Country Manager – China and Hong Kong
Phone: (415) 974-2184
Cindy Marks is a Country Manager and Financial Analyst for China and Hong Kong in the Country Analysis Unit. Prior to joining the Federal Reserve Bank (FRB) of San Francisco, she worked in FRB New York’s Bank Supervision Group as a member of the Market Risk Monitoring and Analysis team. She also spent three years helping to manage Asia-related programs at the Institute of International Education in New York and Washington, DC. Cindy holds a Masters degree in International Affairs from the Johns Hopkins University School of Advanced International Studies (SAIS) with a focus on China and International Economics. She earned her Bachelors degree in International Relations at Tufts University.
 Christopher Sigur
Sr. Project Analyst
Phone: (415) 974-2895
Christopher Sigur is currently Senior Project Analyst at the Federal Reserve Bank of San Francisco, working in the Banking Supervision & Analysis Group’s Asia Program.
Until 2006, he was Executive Director of the Japan Society of Northern California for eight years, and led San Francisco’s commemoration of the 50th anniversary of the signing of the San Francisco Peace Treaty in 2001, and the 100th birthday of the Society in 2005. He was Vice President of Asia Studies at the Carnegie Council in New York from 1989 to 1997, and from 1979 to 1987 represented the Asia Foundation in Jakarta and Seoul.
Mr. Sigur holds an MPhil from Columbia University, an MA from Johns Hopkins School of Advanced International Studies, and an undergraduate degree from Georgetown University.
 Nicolas Stefano
Country Manager - India and South Korea
Phone: (415) 974-2921
Nicolas Stefano is a Country Manager and Financial Analyst for India and South Korea in the Country Analysis Unit. Prior to joining the Federal Reserve Bank of San Francisco, he worked at the Federal Reserve Bank of New York for over five years, maintaining various responsibilities in the Bank Supervision Group. Most recently, he worked in the Foreign Banks department, serving in the roles of Examiner-in-Charge, Financial/Economic Analyst and Relationship Specialist.
Nicolas graduated from Columbia University with a Master of International Affairs degree in International Finance and Economic Policy, and from Cornell University with a Bachelor of Science degree Cum Laude in Applied Economics and Management. In addition, he is a commissioned bank examiner of the Federal Reserve System.
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