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FOR IMMEDIATE RELEASE

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Jill Hershey
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Issue Also Includes Exclusive FBO CEO Roundtable, Featuring Chief Executives from Barclays Americas, HSBC US, and MUFG Americas Holdings (Union Bank)

New York – March 30, 2015 – The Clearing House today released the first quarter 2015 edition of its quarterly journal, Banking Perspectives. The newest issue, entitled The Future of Global Banking: Foreign Banking Organizations in the U.S., examines the vital role foreign banking organizations (FBOs) play in the U.S. and global economy. The theme of whether the global financial system will continue to support global economic growth or whether we are entering a period of retrenchment continues to be discussed among policymakers and in the media. This edition of Banking Perspectives provides a balanced and insightful discussion of the extent to which U.S. and foreign regulatory frameworks may be shifting toward more nationally-focused approaches and away from globally-integrated markets and financial systems. 

The issue also includes new articles on vital payments topics including cybersecurity, faster payments, and more. Richard Corday, Director of the Consumer Financial Protection Bureau, shares his views on consumer payments protections in his article “Protecting Consumers in a World of Faster Payments.”  

“This edition examines the vital role that global banks play in the United States and in the world’s economy,” said Jim Aramanda, CEO of The Clearing House, adding that the economic benefits from cross-border finance are a two-way street: the U.S. benefits from foreign banks’ presence here and the presence of U.S. banks in other countries. “Growing global commerce and increasing prosperity requires global banks that are scaled to serve the needs of their customers on a worldwide basis.”

The issue also features articles from leading executives, academics, regulators, and other thought leaders, including Bill Woodley, Deputy CEO, North America, and Peter Bruzzese, Head of Government and Regulatory Affairs, Americas at Deutsche Bank. Woodley and Bruzzese call for increased global regulatory coordination to ensure the continued safety and soundness of the financial system and support ongoing economic growth. Franklin Allen and Douglas Gale, of Imperial College in London, describe how cross-border banking has changed since the financial crisis and how banks are much less willing to lend across borders due to uncertainty and inconsistencies in regulation from region to region.

The Clearing House is also pleased to include a FBO CEO roundtable discussion that includes Patrick Burke, President and Chief Executive of HSBC U.S., Joe Gold, Chief Executive, Barclays Americas, and Masashi Oka, Executive Chairman, MUFG Americas Holdings Corporation and MUFG Union Bank. The CEOs sat down with TCH CEO Jim Aramanda and Association President Paul Saltzman to discuss a variety of important issues that impact FBOs, including the strengthening U.S. economy, bank capital requirements, regulatory Balkanization, and more.  

Additional features in the first quarter 2015 edition of Banking Perspectives include:

• Sally Miller, Institute of International Bankers: My Perspective
• Derek M. Bush, Cleary Gottlieb Steen & Hamilton: A Dramatic Departure? National Treatment of Foreign Banks
• Dr. Leo J. Lipis, Lipis Advisors: Preventing Fraud in Real-Time Payments
• Jonathan Cederbaum, WilmerHale and Sean Reilly, TCH: Cybersecurity Collaboration: Routes to Stronger Defenses

 TCH began publishing Banking Perspectives in November 2013 to help foster debate and discussion on the issues shaping the evolving banking landscape. The second quarter 2015 issue, which will be released in June, will take a critical look at banking risk management practices and will examine topics such as managing legal risk, risk management fundamentals and best practices, approaches to managing conduct risk and risk culture, and analytics and risk data aggregation.

 For a complimentary subscription, please click here.

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 employ more than two million people and hold more than half of all U.S. deposits. The Clearing House Payments Company L.L.C. provides payment, clearing, and settlement services to its member banks and other financial institutions, clearing almost $2 trillion daily and representing nearly half of the automated-clearing-house, funds- transfer, and check-image payments made in the U.S. The Clearing House Association L.L.C. is a nonpartisan advocacy organization representing – through regulatory comment letters, amicus briefs, and white papers – the interests of its owner banks on a variety of systemically important banking issues. See The Clearing House’s web page at www.theclearinghouse.org.