Forum President & CEO Testifies on Cybersecurity Efforts, Coordination in the Financial Sector

Forum President and CEO Rob Nichols recently testified before the House Financial Services Financial and Consumer Credit Subcommittee at a hearing entitled: “Protecting Critical Infrastructure: How the Financial Sector Addresses Cyber Threats.” In his testimony, Nichols described the important role large financial institutions play in combatting cyber threats and how these institutions not only protect their banks’ customer information in the event of a cyber-attack, but the financial system as a whole. Nichols also pushed for greater coordination with regard to information sharing among the financial system and relevant government agencies to combat cybercrime

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Commentary: Forum President and CEO Rob Nichols Discusses Recent GAO Report on Large Bank Funding Differential on Bloomberg TV

Appearing on Bloomberg TV’s “Bottom Line”, Financial Services Forum President and CEO Rob Nichols explained that a recent GAO report that examined if a funding differential for large banks exists concludes that any cost of funding differential large banks once had has been dramatically reduced if not eliminated or reversed. Nichols further discussed why any such advantage will not come back in the event of a future crisis, citing the major legislative, regulatory, and industry changes since 2009, and explaining what motivates investor decisions.

In the interview Nichols said: “I think there are many conclusions here that show there’s not a borrowing cost advantage on the part of large institutions. When you add that together with all of the massive reforms that are underway and still being implemented, I think we can make a compelling case that if we want to keep our economy growing, we don’t want to add on and layer additional regulation and legislation at this moment of time.”

Recent Work

20 July, 2015

Forum Statement on Five-Year Anniversary of Dodd-Frank Act

“Over the past five years, through legislative, regulatory, and industry-initiated changes, significant improvements have been made to strengthen the U.S. financial system. Bank capital and liquidity have more than doubled to record levels, leverage has been reduced, risk management procedures and methodologies have been improved, compensation structures have been reformed to align incentives with the safety and soundness of the institution, and large financial institutions are less complex."
1 July, 2015

Forum Statement on Fed, FDIC Resolution Plan Submissions

"The financial services industry is committed to effective resolution and recovery planning through the living wills process. The firms have taken meaningful, concrete steps to ensure their plans are credible and that no firm is too big to fail. The living wills process builds on the many improvements that have made the U.S. financial system stronger, safer and more simple, including the doubling of capital and liquidity, and structural changes to reduce risk and streamline business models."
27 May, 2015

Forum Chairman Statement on Rob Nichols

Brian Moynihan, Chairman of the Financial Services Forum, today issued the following statement regarding the news that Rob Nichols will be leaving his position as President and CEO of the Forum for the American Bankers Association: "Rob has been a skillful Forum leader during a consequential decade for the financial system. On behalf of the members, I thank Rob for his service and wish him continued success as an effective voice in Washington helping policymakers better understand the important role that banks of all sizes play in driving the U.S. and global economy."
25 May, 2015

Letter to the Editor: Fighting Cyberattacks: A Financial Industry View

The “shortcomings” referred to in this editorial are in fact critically important legislative fixes that will empower businesses and government agencies with the best information to protect consumers and stay ahead of the rapidly evolving and increasingly malicious nature of cyberattacks. Businesses and government need the ability to learn from each other regarding the nature and location of cyberattacks. This sharing of information will enable the public and private sectors to continually improve network security and protect Americans’ information from cybercriminals.

U.S. Global Banks Have More Than Doubled Their Capital Ratio Since 2009

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