CEO DATELINE - Merged financial industry associations unveil new group
CEO DATELINE - Merged financial industry associations unveil new group
- July 16, 2018 |
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Walt Williams
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Some of the nation's largest banks officially launched a new association formed from the merger of Financial Services Roundtable and The Clearing House Association.
The Bank Policy Institute will focus on "prudential regulation of banking, and how it affects not only safety and soundness and financial stability but also innovation and credit availability," association CEO Greg Baer announced in a July 15 letter revealing the name of the new group. Baer previously was president of TCH Association.
BPI lists 48 financial institutions as members on the group's website. That roster includes some of the largest banks in the U.S., including JPMorgan Chase, Bank of America and Citibank (part of Citigroup), as well as foreign-based institutions such as Duetsche Bank.
"The stakes are high, as our members make 72 percent of all loans and 44 percent of the nation's small business loans," Baer said in the letter. "These banks, which include foreign banks operating in the United States, also play a major role in the nation's capital markets, which fund a majority of U.S. commerce."
FSR and TCH Association announced in March the groups would merge. The move came not long after former FSR CEO Tim Pawlenty stepped down to campaign for a third term as governor of his home state of Minnesota. The announcement also came roughly a year after FSR purged its ranks by reportedly restricting membership to banks with more than $25 billion in assets and to payment companies like MasterCard.
The new association also set strict membership limits, reportedly blocking Goldman Sachs Group, Morgan Stanley and Credit Suisse Group out of concerns the financial institutions carried the stigma of being publicly associated with the 2008 financial crisis.
According to BPI's website, the association represents universal banks, regional banks and major foreign banks doing business in the U.S. BPI.com
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