The Clearing House Announces New Leadership
FOR IMMEDIATE RELEASE
CONTACT:
Sean Oblack
202.649.4629
Bank of America’s Brian Moynihan Appointed Chairman and PNC’s William S. Demchak Appointed Vice Chairman
KeyCorp’s Paul Harris to Lead Association Board, U.S. Bancorp’s Thomas Rea to Lead Payments Company Board
New York, NY – November 20, 2014 – The Clearing House (TCH), the oldest payments company and banking association in the United States, today announced that Brian T. Moynihan, CEO of Bank of America, has been appointed Chairman of TCH’s Supervisory Board, after having served as its Vice Chairman since January 2014. In addition, William S. Demchak, Chairman, President and CEO of The PNC Financial Services Group, has been appointed Vice Chairman of the Supervisory Board.
Mr. Moynihan will succeed current Chairman Richard Davis, President, and CEO of U.S. Bancorp, who has served in the role since 2013.
“The Clearing House has a long tradition of promoting stability and strength across the banking system as well as innovation and efficiency across payments and clearing,” Mr. Moynihan said. “I am honored to be named Chairman and to extend my service on the Supervisory Board as we continue to promote and provide a safer, sounder more efficient banking system.”
“The dynamic regulatory and payments landscape presents unique opportunities and challenges for the banking system,” added Mr. Demchak. “As Vice Chairman of the Supervisory Board, I look forward to helping The Clearing House promote policies that enable banking institutions to successfully navigate the ever-evolving environment.”
James Aramanda, President and CEO of The Clearing House, said: “We welcome the new leadership to our Supervisory Board, and we are confident they will continue the tradition of excellence that has guided The Clearing House for more than 160 years. With these outstanding leaders from world-class financial institutions guiding us, we are well positioned to continue to deliver on our mission of providing expert advocacy and insight across complex policy issues and digital payments. While we look forward to the next chapter in our evolution, we would also like to express our gratitude to the outgoing Chairman, Richard Davis of U.S. Bancorp, for his dedication and tireless service over the last two years.”
The new chairmen and vice chairmen will assume their positions as of January 1, 2015.
In addition, Paul Harris, Secretary and General Counsel of KeyCorp, has been named the next Chairman of The Clearing House Association Managing Board and Thomas Rea, Executive Vice President & Manager of the U.S. Bancorp Transaction Processing Services Division, has been named Chairman of the Payments Company Board.
About The Clearing House Established in 1853, The Clearing House is the oldest banking association and payments company in the United States. It is owned by the world’s largest commercial banks, which collectively hold more than half of all U.S. deposits and which employ over one million people in the United States, and more than two million people worldwide. The Clearing House Association L.L.C. is a nonpartisan advocacy organization that represents the interests of its owner banks by promoting and developing policies to support a safe, sound and competitive banking system that serves customers and communities. Its affiliate, The Clearing House Payments Company L.L.C., which is regulated as a systemically important financial market utility, owns and operates payments technology infrastructure that provides safe and efficient payment, clearing and settlement services to financial institutions, and leads innovation and thought leadership activities for the next generation of payments. It clears almost $2 trillion each day, representing nearly half of all automated clearing-house, funds transfer and check-image payments made in the United States. See The Clearing House’s web page at www.theclearinghouse.org.