Several members of the Financial Services Forum are questioning whether it makes sense to keep investing in the organization given the number of associations that represent the sector, Politico reported Thursday.

The Forum is a $5 million-revenue association that was led by CEO Rob Nichols until he left last September to become head of the American Bankers Association. The organization hasn't had a permanent leader since then, with John Dearie currently acting CEO.

Citing anonymous sources, Politico said several banks are questioning whether the Forum should close up shop or merge with another financial industry association. They are expected to raise the issue at a member meeting in October.

"There's an ongoing debate among all the banks whether it's worth having all these different trade associations," one source told the publication.

JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley are among the Forum's members.

A Forum spokeswoman did not comment about the possibility of an organizational overhaul when contacted by Politico.

The association lists seven staff on its website. http://politi.co/2biFwSX