Richmond Fed Employees Receive Prestigious Taylor Award

Federal Reserve Bank of Richmond

Richmond Fed Employees Receive Prestigious Taylor Award

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Oct. 19, 2026

Celebrating at the 2025 William Taylor Award for Excellence in Supervision are (L to R): Federal Reserve Vice Chair for Supervision Michelle Bowman, Nika Lazaryan, Dengli (Jay) Yang, Eric Glaubke, and Federal Reserve Governor Michael Barr.

Three team members in the Richmond Fed’s Supervision, Regulation and Credit area have been awarded the 2025 William Taylor Award for Excellence in Bank Supervision. Nika Lazaryan, Dengli (Jay) Yang and Andrew Martindale are three of only 10 people this year to win the award, which represents the highest and most prestigious honor within the Federal Reserve System’s Supervision function.

The award recognizes those individuals who have demonstrated sustained and extraordinary achievement and professionalism in the performance of their responsibilities and is named in memory of William Taylor—a previous director of the Division of Banking, Supervision and Regulation for the Federal Reserves’ Board of Governors.

Nika and Jay, along with Eric Glaubke from the Federal Reserve Bank of Minneapolis, were recognized for their exceptional contributions to the proposed redevelopment of the pre-provision net revenue model suite—a collection of econometric and statistical models used by the Federal Reserve to project a bank's core operating revenues and expenses during supervisory stress tests.

Pictured (L to R): Vice Chair for Supervision Michelle Bowman; Andrew Martindale; and Governor Michael Barr.

Their efforts are expected to enhance the accuracy of the stress test, which measures whether banks have enough capital to absorb losses during stressful conditions while meeting obligations to creditors and counterparties and continuing to be able to lend to households and businesses. Capital stress tests have become a critical supervisory tool.

Andrew Martindale was recognized for 17 years of distinguished service in Supervision, progressing from community bank examiner to global systemically important bank (GSIB) expert. His career shows how skills built as a community bank examiner — relationship-building, tailored supervision, proportionate risk assessment — translate to institutions of any size. Andrew now coaches and mentors examiners System-wide, drawing on that progression to guide the next generation.

Earlier this month, Federal Reserve Chairman Kevin Warsh provided opening remarks and Vice Chair for Supervision Michelle W. Bowman presented the awards at a ceremony in Washington, D.C.

"The American people deserve a banking system that is safe, sound, and resilient,” Michelle Bowman stated. “They deserve supervisors who constantly assess the banking system to identify vulnerabilities and have the will to act promptly and decisively. Tonight's honorees embody exactly that. Their work is setting the standard for addressing both current and emerging challenges and is significantly contributing to a safe and sound banking system."

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Jim Strader