VIVIAN HWA

Senior Economist

vhwa@fdic.gov | US Citizen | 703-887-2358 | https://www.linkedin.com/vivian-hwa

PROFILE

Senior economist with over a decade’s experience in economic research and risk analysis, with additional 

experience in all stages of model development, validation, and governance using machine learning and 

standard econometric techniques. Skilled in advising and cross communicating between professionals and nonexperts on a broad range of topics related to banking and finance, from best practices in risk management to 

regulatory compliance.

TOOLS & SKILLS

SAS, STATA, Matlab, R

Languages: English (Native), Mandarin (Fluent)

WORK EXPERIENCE

SENIOR ECONOMIST (2015 to present)|

Federal Deposit Insurance Corporation Center for Financial Research, Washington D.C.

(Prior title: Financial Economist 2007-2015)

• Led key modeling from development through validation in bank downgrade forecasting and resolution 

related cost estimation. Models were used by internal stakeholders to guide decision making and risk 

assessment. Member of core teams for additional modeling efforts and validation work.

• Consulted FDIC’s Risk Management Supervision Division in on-site bank examinations, reviewing and 

evaluating risk management and model governance in compliance with SR11-7 guidance. Delivered 

technical reports, memorandums and presented findings to the banks' technical staff, policymakers, 

other federal regulators, and external audiences. Work includes in-depth model reviews of internal credit

risk (retail, scorecards, BASEL IRB), interest rate risk (ALM, VaR, EVE), reserving (CECL, ALLL), stress 

testing (CCAR, DFAST), and deposit modeling (including FTP, replicating portfolios) at various banking 

institutions, ranging in size from 30B-200B. Provided in-depth expertise, providing guidance to key 

stakeholders in model development, documentation, validation, monitoring and governance functions. 

• Participated in interagency workgroups and projects: Federal bank regulators’ Risk Quantification Forum

and Early Warning Systems Workshop, cooperated with the International Association of Deposit Insurers 

with deposit insurers and bank regulators from Thailand, Korea, China, India, Indonesia, Mongolia and 

the United Kingdom, Dodd-Frank Act study on banking activities, Dodd-Frank Title I and Title II related 

projects. Acted as a consultant and participant.

• Contributed to and consulted on projects relating to large data management, emerging technology 

firms, and products in finance and financial modeling including AI/Machine Learning techniques in 

practice and theory using R and Matlab. Attended Fintech conferences and training (e.g. Federal Reserve 

of Philadelphia’s Fintech Symposium, Board of Governors: AI Academic Symposium, FDIC Financial 

Technology Conference, Matlab Webinar series).

• Researched for academic purposes, issues related to banking, finance and the recent financial crisis to 

include market discipline, impacts of banking regulation on the economy, failed bank data, current 

practices in forecast modeling, banking markets, and explainability in AI/Machine Learning models. 

• Co-authored papers accepted and presented at academic and banking related conferences. Participated 

in panels and filled discussant roles.
EDUCATION 

Ph.D in Economics | University of California, Berkeley, CA

Fields: Labor Economics, Law and Economics

Principal Advisor: David S. Lee

B.A. in Economics | Wheaton College, Norton, MA

Honors: Summa Cum Laude

RESEARCH

“Bank Failures During the Crisis: Who Was Expected to Lose and Did These Creditors Exert Market 

Discipline?” Journal of Financial Stability 20 (2015) 51–69. (with Myron Kwast-Federal Reserve Board/FDIC, 

Rosalind Bennett-FDIC)

“Does Regulatory Bank Oversight Impact Economic Activity? A Local Projections Approach” Journal of 

Financial Stability 39 (2018) 167-174. (with Pavel Kapinos-Federal Reserve Bank of Dallas and Carlos 

Ramirez-George Mason University)

 

“Bank Growth and Long Term Risks” FDIC Internal White Paper. (with Stefan Jacewitz-Federal Reserve Bank 

of Kansas City, Chiwon Yom-FDIC)

“Predicting Bank Failures: New Machine Learning Techniques” Work in Progress. (with Phillip Li-FDIC, 

George Shoukry-FDIC, Chiwon Yom-FDIC)

“Competing for Bank Deposits” Work in Progress. (with Claire Brennecke-CFPB, Katherine Lopiccalo-CFPB)

“Term Structure of Bank Failure Forecasting” Work in Progress. (with Phillip Li-FDIC)

REFERENCES

Claire Brennecke

Economist

Consumer Finance 

Protection Bureau

1700 G St. NW

Washington, DC 20552

Claire.Brennecke

@cfpb.gov

P: (202) 507-2204

Philip Ostromogolsky

Senior Economist

Federal Housing Finance 

Agency

400 7th St SW 

Washington, DC 20024

philip.ostromogolsky

@fhfa.gov

P: (202) 746-6905

Phillip Li

Sr Risk Specialist

Federal Deposit 

Insurance Corporation

550 17th ST NW

Washington, DC 20429

PLi@fdic.gov

P: (202) 898-3501

Carlos D. Ramirez

Professor of Economics

George Mason 

University

Buchanan Hall

Fairfax, VA 22030

cramire2@gmu.edu 

P: (703) 993-1145