Press Release: Financial Trade Associations Comment on Banking Agencies’ Newly Issued Report on Banking Activities and Investments

In response to the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency’s report on banking activities and investments, Financial Services Forum, The Clearing House, American Bankers Association, SIFMA, and Financial Services Roundtable released a joint statement opposing the recommendations.

September 8th, 2016|

Wall Street Journal: Big U.S. Banks Refile ‘Living Wills’ After Regulatory Rebuke

“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.

July 6th, 2015|

Forum President Rob Nichols Discusses Impact of Dodd-Frank, State of Financial Industry on ‘Engage with Andy Busch’

Financial Services Forum President and CEO Rob Nichols was a recent guest on “Engage with Andy Busch” where he spoke about the impact of the Dodd-Frank Act on the financial sector as well as the industry-initiated improvements made to ensure the strength and resilience of the financial system.

September 15th, 2014|

ForumBlog Responds to Bloomberg View: The U.S. Financial System is Far Stronger and More Resilient

In this week’s piece, Dodd Frank’s Four Years of Doing Nothing, Bloomberg View editors fail to mention material and important changes that have taken place in the financial system since the crisis that undercut the thesis of their column. To be fair, this was an opinion piece and opinions are one thing, but let’s review the facts on the changes that have taken place – initiated by the industry, regulators and Congress – to make today’s U.S. financial system safer, less complex and capable of providing capital to fuel the economy.

July 22nd, 2014|

ForumBlog: Section 165 of the Dodd-Frank Act Establishes an Iterative Process of Submission and Review of Living Wills

During the semi-annual Humphrey-Hawkins testimony of Federal Reserve Chair Janet Yellen before the Senate Banking Committee on Tuesday, July 15th, Senator Elizabeth Warren (D-MA) questioned Chair Yellen about the Federal Reserve’s review of resolution plans, commonly referred to as “living wills,” which is part of Section 165 of the Dodd-Frank Act and requires large bank holding companies and large nonbank financial companies supervised by the Fed to submit to the Fed and FDIC each year. Such plans are intended to facilitate the bankruptcy and orderly dismantling of an institution in the event of failure. Chair Yellen correctly responded that Dodd-Frank establishes an iterative process of submission of living wills by supervised institutions, review of those submissions by the Fed and FDIC, notification of the supervised institutions regarding any needed improvements, and re-submission of amended plans.

July 17th, 2014|

American Banker: TBTF Is Fading in U.S.’s Rearview Mirror

Commentary by Forum President and CEO Rob Nichols: The facts make clear that, in the U.S., the era of "too big to fail" is fading into the rearview mirror. For the U.S. economy to work its best, we need a vibrant and diverse banking sector that includes large global banks, regional banks and community banks. Banks today are safer, sounder, more secure, transparent, accountable and performing their critical roles in the global economy. Rather than picking winners and losers, we need to support a system that works for everyone.

April 16th, 2014|

Let’s Step Up To Ensure Community Banks Can Play Their Vital Role In Our Economy

Earlier this week, the Wall Street Journal reported that, according to FDIC figures, the number of federally insured depository institutions fell to 6,891 in the third quarter, after falling below 7,000 last summer for the first time since the FDIC began counting banking companies in 1934.  Most of the decline has been in banks with total assets of less than [...]

December 4th, 2013|

Treasury’s Mary Miller: Dodd-Frank Ends TBTF

Last week, Mary Miller, the Treasury Department’s Undersecretary for Domestic Finance, delivered a speech that addressed the often misconceived view of “too big to fail” financial institutions.  In her speech, Ms. Miller stated that with the enactment of the Dodd-Frank Act, regulators now have the necessary tools to wind down a failing institution in an orderly way, [...]

April 22nd, 2013|

Forum President Discusses Financial Regulation, Economic Growth & The Red Cross on CNBC’s ‘Squawk Box’

"Today, Financial Services Forum President and CEO Rob Nichols appeared on CNBC’s “Squawk Box,” where he discussed the ongoing implementation of Dodd-Frank and the financial services industry’s involvement to help spur economic growth."

April 18th, 2013|

Financial Industry Addresses Alleged Large Bank Subsidy

Today, the Financial Services Forum, the Financial Services Roundtable, The Clearing House, Securities Industry and Financial Markets Association, and the American Bankers Association, released the following policy brief in response to questionable assertions of a “taxpayer subsidy” to large banks.

March 11th, 2013|