Each depositor insured to at least $250,000 per insured bank

Previously, he spent over three decades at Harvard, earning his AB in economics summa cum laude), MBA (with high distinction), and PhD in Business Economics degrees there, and had been on the faculty of the Harvard Business School for 22 years, most recently as the Sylvan C. Coleman Professor of Financial Management.

Tufano is a prolific scholar and course developer, a seasoned administrator and manager, a social entrepreneur, and an advisor to business and government leaders.

Tufano's recent research, course development, and engagement with business and policy audiences is primarily focused on topics around consumer finance, and is aimed at understanding how this vital sector of the economy works - and can work better. He has been at the forefront of advancing this academic field and then helped bring ideas from research into practice by founding an innovative non-profit and working directly with businesses and policymakers. His work is credited with influencing two US policy initiatives and a new class of savings products in the US. His other streams of work deal with risk management, financial engineering, and mutual funds.

As an administrator and manager, Tufano has assumed a number of leadership roles at Harvard, serving as department chair, course head, and Senior Associate Dean; he has overseen the school's tenure and promotion processes, its campus planning, crafted a strategy for university engagement, and advised the University on financial and real estate matters. He most recently was the Founding Co-Chair of the Harvard innovation lab (i-lab), a cross-university initiative to foster entrepreneurship and well as a Co-Chair of the Allston Task Force, a group convened by President Faust to lay out a future for Harvard's major land holdings in Allston.

Professor Tufano, 54, is married with one daughter, a student at Harvard College. His wife, Mary Jeanne Tufano, is an attorney, arbitrator and mediator.