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The Clearing House (TCH) welcomed the Consumer Financial Protection Bureau’s (CFPB) release of its “Consumer Protection Principles” for faster payment systems. TCH agrees with the CFPB’s views on the importance of protecting consumers that use faster payments, and strongly supports making consumers’ interests a key consideration as the industry works to build a new real-time payment system.
The Clearing House Association (TCH) released its updated Guiding Principles for Enhancing U.S. Banking Organization Corporate Governance (Governance Principles). TCH’s Governance Principles aim to help provide a framework for bank corporate governance that seeks to facilitate more effective board oversight, enhance bank safety and soundness, promote confidence in banks and encourage consistent supervisory guidance.
The Clearing House (TCH) welcomed passage of NACHA’s – The Electronic Payments Association – same-day ACH settlement ballot. Together with today's already efficient ACH, same day ACH and real-time payments will provide distinct payment options for customers by enabling them to choose the speed and features required for their payments.
The Clearing House’s (TCH) Chief Risk Officer Russell Fitzgibbons stressed the importance of continued improvement in collaboration between the private sector and the government in combating cyberattacks and emphasized the need for comprehensive cyber threat information-sharing legislation at a House Financial Services subcommittee hearing on protecting critical financial services infrastructure.
The Protecting Cyber Networks Act (H.R. 1560) and the National Cybersecurity Protection Advancement Act (H.R. 1731), will help better protect Americans’ sensitive personal information by facilitating more effective information sharing between the government and private sector which is critical to detecting and preventing cybercrime. The Clearing House is, however, disappointed that the House adopted amendments to both bills that will require them to sunset in seven years. These threats will not sunset and we need to ensure certainty and consistency for the long term.
The Clearing House Association (TCH), joined by the Securities Industry and Financial Markets Association (SIFMA) and the Financial Services Roundtable (FSR), filed a comment letter with the Federal Reserve in response to its proposal to impose an additional capital surcharge requirement on U.S. global systemically important bank holding companies suggesting that the proposal be revised to better reflect the actual systemic risk posed by U.S. G-SIBs.
In a comment letter filed with the Basel Committee on Banking Supervision in response to its “Revisions to the Standardized Approach for Credit Risk and Capital Floors: The Design of a Framework Based on Standardized Approaches” The Clearing House identifies areas where the Proposals should be modified to better achieve the Committee’s stated objectives of making the Standardized Approach more risk-sensitive, reducing reliance on external credit ratings and strengthening the comparability of risk-weighted asset calculations across jurisdictions.
The study by Oliver Wyman entitled Post-Crisis Changes in the Stability of the U.S. Banking System, which was commissioned by The Clearing House, shows substantial gains in financial stability in the U.S. banking sector since 2008, with banks having significantly more equity, more resilience to withstand stressful events, and higher quality portfolios. The study notes that recent improvements in stability that are partly attributable to the actions taken by banks, particularly larger banks, to reduce the riskiness of the assets on their balance sheets have also contributed to the greater stability of the financial system by reducing the risk of insolvency.
The Clearing House (TCH) announced that following a transition period, Paul Saltzman, President of The Clearing House Association and Executive Vice President and General Counsel of The Clearing House Payments Company, will be departing The Clearing House to explore other opportunities.
Paul Saltzman, President of The Clearing House Association, addressed the Exchequer Club in Washington, D.C. where he discussed the need for greater regulatory focus on achieving a banking system that is not only safe and stable but also resilient. In his remarks, he called for policymakers to embrace a “dual mandate” approach to bank regulatory policy that simultaneously pursues and balances financial stability with economic growth and prosperity for consumers. He also discusses the great strides the banking system has made since the crisis in enhancing its safety and soundness and how this new “dual mandate” approach would apply in practice to forthcoming U.S. rulemakings, particularly the G-SIB surcharge, TLAC, and the NSFR.