"The U.S. banking system has never been stronger and is now able to withstand the shock of even the highly unlikely severely adverse scenario imposed by [regulators]," said John Dearie, acting CEO of the Financial Services Forum.
Washington Post: The banking industry’s rough year could finally test whether Dodd Frank is strong enough
‘The Fed’s stress tests show that large financial institutions can withstand a crisis far worse than 2008, and the largest banks have “living wills” to guide an orderly wind-down without putting taxpayer money at risk,’ said John Dearie, acting chief executive of the Financial Services Forum, an industry group.”
Banks have concerns too. In a letter last week to the leaders of the Senate Environment and Public Works Committee, several banking trade groups warned the proposal could hurt financial stability and reduce liquidity. “This proposed policy change undermines a key agreement that has underpinned the U.S. banking system for 100 years,” wrote the groups, which included the American Bankers Association, Financial Services Forum, Financial Services Roundtable, Independent Community Bankers of America and the Clearing House.
“The firms have taken meaningful, concrete steps to ensure their plans are credible and that no firm is too big to fail,” said Rob Nichols, president of the Financial Services Forum, a trade group that represents big banks.
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."
“Since the 2009 crisis, U.S. banks have taken many significant steps to dramatically improve the safety and soundness of the financial system,” Financial Services Forum President and CEO Rob Nichols said in a statement.
However, Rob Nichols, president of the Financial Services Forum, which represents big banks, said: “The narrative that Wall Street is trying to roll back or gut Dodd-Frank is simply false.”
"It seems sensible for lawmakers to consider the cumulative impact of Dodd-Frank regulations, and perhaps Basel III, on broader economic variables such as credit availability, economic growth, capital formation, and on job creation," said Rob [...]
“A short while ago there was bipartisan agreement on a number of common sense improvements,” said Rob Nichols, president of the Financial Services Forum that represents the chief executives of Wall Street’s biggest banks. “Unfortunately, [...]
Rob Nichols, president and CEO of the Financial Services Forum, argued that large financial institutions are an "essential element" of the financial market. Their size and structure allows them to service the nation's largest, most [...]