Word of Barkin's appointment was first reported in The Wall Street Journal.
Barkin will replace Jeffrey Lacker, who retired in October after 28 years at the Richmond Fed.
Lacker resigned after admitting he confirmed sensitive Fed-related business with an analyst at Medley Global Advisors regarding the September 2012 meeting of central bank policymakers. However, he did not admit to actually leaking the information.
The issue related to plans the Fed had to kick off the third round of its bond-buying stimulus program known as quantitative easing.
Lacker's failure to disclose the conversation became a significant headache for the Fed and its decision not to refer the matter to the Securities and Exchange Commission or the FBI. Instead, the Fed initiated an internal probe.
The Inspector General's office recently ended a probe into the matter without disclosing the leaker's name.
As for Barkin, he is a senior partner and chief global financial officer at the Atlanta-based privately held McKinsey and vice chair of the Atlanta Fed.
McKinsey recently has come under fire for its involvement in a South Africa bribery scandal. Barclays Africa and Standard Bank recently halted business with McKinsey after the consulting firm faced questions over its involvement with a firm accused of wielding improper influence on government contracts.