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  • The Clearing House and FIS Submit Joint Proposal to Fed's Faster Payments Task Force

    The Clearing House (TCH), in conjunction with FIS, late last Friday submitted a proposal for evaluation of its Real-Time Payments (RTP) system to the Federal Reserve’s Faster Payments Task Force.  The Clearing House is working to deliver a ubiquitous, real-time payments  system for the U.S. and FIS will help achieve ubiquity by offering enhanced RTP services to more than 3,000 financial institutions.  

  • The Clearing House Calls on the Federal Reserve to Rethink and Add Procedural Protections to Proposed Countercyclical Buffer

    In a letter to the Federal Reserve Board, The Clearing House (TCH) calls for the proposal for implementing a countercyclical capital buffer to be revised to ensure that any future decision to establish a countercyclical capital buffer is subject to notice-and-comment rulemaking, as required by the Administrative Procedure Act.  The letter also suggests that the proposal be empirically grounded.

  • Total Loss Absorbency Requirement to Help Ensure G-SIBs Can Be Resolved

    Late Friday, The Clearing House, the Securities Industry and Financial Markets Association, the American Bankers Association, the Financial Services Roundtable, and the Financial Services Forum submitted comments to the Federal Reserve in response to its proposal to impose  total loss absorbing capacity, long-term debt and related “clean holding company” requirements on global systemically important banking groups (G-SIBs).  The associations express the industry’s strong support for a TLAC requirement for G-SIBs, which is a crucial aspect of ending “Too Big to Fail” by helping ensure that these institutions can be resolved in an orderly way at the expense of creditors and shareholders (and not taxpayers). The associations also assert that the proposal contains a number of requirements that are counterproductive or unnecessary to achieving the Fed’s policy objectives.  In response, the associations provide a number of suggestions aimed at making the proposal more workable and effective. 
     


  • TCH Updates Guiding Principles on Anti-Money Laundering Policies and Correspondent Banking Procedures

    The Clearing House Association (TCH) today published a final updated version of its Guiding Principles for Anti-Money Laundering Policies and Procedures in Correspondent Banking. The Guiding Principles, which were initially published in 2002, are intended to provide guidance to U.S. banks engaged in foreign correspondent banking and to assist U.S. banks in implementing key anti-money laundering (AML) procedures.

  • The Clearing House Urges Better Public-Private Coordination to Bolster Anti Money Laundering Efforts

    The Clearing House (TCH) provided recommendations to the Committee on Payments and Market Infrastructures (CPMI) in response to CPMI’s recent report on concerns about the safe and efficient functioning of the correspondent banking market and potential measures to improve the correspondent banking environment.  In its letter, TCH agreed that technical improvements to information sharing and similar anti-money laundering and counterterrorism financing tools may be helpful in improving access to correspondent banking services.  However, TCH also stressed that it is just as important that policymakers and banks work together to better and more clearly define the roles and responsibilities of various stakeholders.

  • The Clearing House Urges International Regulators to Establish Global Risk Governance Standards to Address Systemic Risks Posed by CCPs

    On September 18, The Clearing House Association (TCH) submitted a letter to the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) recommending that global supervisory authorities require central counterparties (CCPs) to adopt four key enhancements to CCP risk governance and member consultation processes. 

  • Greg Baer Named President of The Clearing House Association

    The Clearing House (TCH) announced that Greg Baer will become President of The Clearing House Association.  Greg comes to The Clearing House with more than two decades of experience in law and regulation in both the public and private sectors.  In his new capacity as President, Greg will lead the Association’s analytical, litigation and advocacy work.  Greg will also serve as General Counsel of The Clearing House Payments Company, where he will oversee the legal, compliance and litigation functions for the organization’s payments business.  He will start on October 5 and he will maintain offices in both the Clearing House’s Washington, D.C. office and New York headquarters.  

  • The Clearing House Comments on the 5th Anniversary of the Dodd-Frank Act

    The strengthened resiliency of our banking system reflects not only the substantial changes made by the Dodd-Frank Act and elsewhere to how banks are regulated, but also the significant steps that banks have taken on their own to strengthen their balance sheets and improve their internal risk management processes.


  • The Clearing House Reacts to the Federal Reserve’s GSIB Surcharge Rule

    In his statement, The Clearing House CEO Jim Aramanda noted that  although the final rule appears to include some improvements to the proposal, The Clearing House (TCH) remains concerned that the final rule failed to address a number of significant flaws identified in our comment letter. These remaining flaws will have meaningful and negative consequences, especially for the robustness and liquidity of markets served by activities disproportionately impacted by the final rule, and will result in adverse impacts to customers and the real economy.


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