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.”

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19 May, 2015

Financial Advisor Magazine: Financial Regulators Chided For Making Conflicting Cybersecurity Demands

"At the session, Financial Services Forum President and CEO Rob Nichols argued the forced shrinkage of firms chastised as “too big to fail” would increase cybersecurity dangers for the entire financial system because of the high degree of interconnections."
19 May, 2015

Testimony of Forum President & CEO on Cybersecurity Efforts and 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.
11 February, 2015

ForumBlog: New Report: America Needs Large Financial Institutions to Succeed in the Global Economy

This week, the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness released a new report, International Financial Markets: A Diverse System is the Key to Commerce, which presents a number of thoughtful and fact-based observations about the role of the financial sector and capital markets in the global economy. Authored by Dr. Anjan Thakor, John E. Simon professor of finance and PhD program director at the Washington University in St. Louis Olin School of Business, the report offers an overview of how a diverse global financial system works to spur economic growth and job creation by providing the necessary products and services businesses and individuals need to succeed.
27 January, 2015

ForumBlog: Financial Innovation Addresses Social Challenges – Is Washington Paying Attention?

With Republicans in control of both the House and the Senate for the first time since 2006, and President Barack Obama in the final two years of his presidency, there may be a chance to break through the gridlock, just as former President Bill Clinton and a Republican Congress did on welfare reform almost 20 years ago. One promising area for possible bipartisan collaboration lies in the so-called “pay for success” model for addressing social problems. Under “pay for success,” government’s contribution and impact is not measured just in the dollars spent but in lives actually improved. Institutions such as Goldman Sachs, Bank of America-Merrill Lynch, BNY Mellon, Morgan Stanley, JPMorgan Chase and others have worked with state and local governments to pioneer and explore these products, which are often known as social impact bonds or investments. New York Times columnist David Brooks recently wrote about how this type of investment is now entering the mainstream and is a promising tool to address social problems.

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