Melba I. Acosta-Febo
Melba I. Acosta-Febo is counsel of the Corporate Practice Group at the law firm McConnell Valdez, LLC. Her main areas of practice include banking and financial institutions, commercial financing, mergers and acquisitions, corporate reorgs, governance and public financing. She also advises clients on aspects of doing business in Puerto Rico, including fund formation (private equity and Opportunity Zone funds).
Ms. Acosta, who is a certified public accountant, has held executive roles in both banking finance and operations (including CFO, CAO/COO and Corporate Risk Manager) of an NYSE-traded holding company of commercial banking entities.
Her public experience includes serving as President of the Government Development Bank for Puerto Rico (GDB), Secretary of Treasury and Chief Public Finance Officer, Executive Director of the Office of Management and Budget, Chief Information Officer for the Commonwealth of Puerto Rico and the Government Authorized Representative before FEMA (“GAR”). Prior to that, she served as Chief of Staff to the Mayor of the city of San Juan. During her tenure in the central government, she developed fiscal initiatives that increased tax revenues, reduced overall government expenses, provided liquidity, spearheaded the restructuring of approximately $68 billion debt of the Commonwealth of Puerto Rico and developed the first e-government transactions. She was also Chair and member of various Boards and committees, including the GDB, Economic Development Bank, the Corporation for the Revitalization of the PR Electric Power Authority, the Puerto Rico Teacher’s Retirement System and the 2014 Tax Reform Committee. In 2013 Ms. Acosta was named “Public Person of the Year” by the Caribbean Business, the largest business newspaper in Puerto Rico. In the private sector, she worked at RG Financial Corporation, RG Premier Bank and Price Waterhouse.
On November 2022, Acosta was elected as elected by the Federal Home Loan Bank of New York’s eligible district-wide members to serve as an Independent Director of the Board, her term starting on January 2023. She has been a member of the Board of Directors of the Museum of Art of Puerto Rico for over 16 years, where she has served as Chair, Secretary, and Treasurer of the Board. She is also member of the Board of Directors of the Fundación Luis Muñoz Marín and a former member of the Board of Directors of United Ways of Puerto Rico.
Ms. Acosta-Febo holds a B.S. in accounting from the University of Puerto Rico, an M.B.A. from Harvard Business School, and a Juris Doctor from the University of Puerto Rico School of Law.