FOR IMMEDIATE RELEASE:
Washington, DC — The Financial Services Roundtable (FSR) and The Clearing House (TCH) have announced plans to combine the activities of The Clearing House Association (TCH Association), TCH's non-partisan advocacy and research arm, with those of FSR. Upon completion, TCH Association President Greg Baer will become Chief Executive Officer for the new organization.
"FSR is shaping and advancing financial service and technology policies that drive the U.S. economy. These two organizations will be stronger together," said FSR Chairman Brian Moynihan, Bank of America CEO.
"The TCH Association has been a thought leader on key issues in bank prudential regulation, and we expect this combination to expand the reach of its advocacy," said TCH Chairman Bill Demchak, CEO of PNC. "Meanwhile, the Clearing House Payments Company will continue to operate its payment systems and focus on its new RTP System and other payments innovations," he added.
"Throughout the last decade, The Clearing House Association has served as an effective advocate for the banking industry through our unique approach of applying data-driven analysis, research and thought leadership," said TCH CEO Jim Aramanda. "It makes sense to combine the capabilities of two organizations focused on the same goals to create a premier financial services trade association, while The Clearing House continues in its mission of payments innovation and operating core payment systems for the banking industry."
"The combination of these two organizations and their respective research and advocacy strengths further advances FSR's new strategic focus on banking and payment policies that spur economic growth, increase jobs, modernize cybersecurity policy, and improve financial security for more Americans," said FSR CEO Tim Pawlenty.
"Our goal at the TCH Association has been to help shape sound financial services policy with high quality research and analysis, and I look forward to continuing that work, and amplifying its impact, as we form a new organization," said TCH Association President Greg Baer.
Pawlenty previously announced his plans to leave FSR and Chris Feeney, President of FSR's technology policy division (BITS), will assume interim responsibility for FSR until Baer becomes CEO.
"FSR's members appreciate Tim's leadership in transforming and improving the FSR into a highly regarded policy and research engine for America's leading financial service companies," Moynihan said.
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About the FSR
The FSR represents the leading banking and payment companies financing the American economy. Member companies participate through the Chief Executive Officer and other senior executives.
The Clearing House is a banking association and payments company that is owned by the largest commercial banks and dates back to 1853. Last year TCH launched Real-Time Payments (RTP®), a new payments rail that provides for real-time clearing and settling of payments and is designed to support every bank and credit union in the country.