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This working paper says payments systems need to evolve to deliver new value to users, support appropriate risk management, and reward innovation and investment.
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.
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 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.
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.
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’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 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 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.