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Financial Services Roundtable

Financial Services Roundtable
BusinessBusiness Essentials

What Is the Financial Services Roundtable?

The Financial Services Roundtable (FSR) addressed around 100 of the biggest integrated financial services companies that give banking, insurance, and investment products/services to American consumers. In 2018, the Financial Services Roundtable merged with the Clearinghouse Association, another financial campaigning organization.

Figuring out the Financial Services Roundtable

The Financial Services Roundtable was formed in mid 2000 when the main individuals from the securities, investment, and insurance sectors joined their banking industry counterparts (who had formerly been gathered as the Bankers Roundtable) as establishing individuals from the Financial Services Roundtable. The Bankers Roundtable decided to grow its mission in April 1999 to address integrated financial services firms (in response to industry shifts and congressional financial modernization legislation). A lot of its activities included political campaigning and political contributions to secure blessing with the financial and banking industries.

The Bankers Roundtable was initially formed in October 1993 because of the merger of the Association of Registered Bank Holding Companies (formed in 1958) and the Association of Reserve City Bankers (formed in 1912).

The Financial Services Roundtable worked with four stated objectives: 1. Be the chief executive forum for the leaders of the financial services industry; 2. Give strong legislative and regulatory advocacy; 3. Upgrade the financial industry's public standing; 4. Advance best practices and a strong infrastructure in technology.

The FSR's activities included lobbying efforts in Washington, D.C. to support the banking and financial industries, as well as political contributions to similar up-and-comers. The group worked with the conviction that financial services companies are essential to the country's economy and the competitive marketplace (instead of the government) ought to generally administer the delivery of financial products and services. It highlights the necessity of uniform national standards across state lines and the effective utilization of technology to deliver financial products and services productively.

In 2018, the Financial Services Roundtable merged with the Clearinghouse Association, one of Wall Street's biggest lobbying groups. The organization is part of "The Clearing House" (TCH), a banking association and payments company owned by the world's biggest banks.

Owners of "The Clearing House" incorporate Bank of America, Capital One Financial, Citibank, JPMorgan Chase, PNC Bank, Santander, SunTrust, UBS, U.S. Bank, Wells Fargo, and others. The move, supposedly drove by Bank of America CEO Brian Moynihan, cut the FSR's participation from in excess of 80 individuals to just more than 40, with the ejection of insurers, asset managers, and some non-banks. As indicated by a press release, "The combination of these two organizations and their separate research and advocacy qualities further advances FSR's new strategic spotlight on banking and payment policies that prod economic growth, increase occupations, modernize cybersecurity policy, and work on financial security for additional Americans."

As part of the Clearing House (TCH), in 2019, the Financial Services Roundtable encouraged the Federal Reserve to assist with growing real-time payments in the US by extending Fedwire Funds operating hours, and regarding the real-time payments as reserves and paying interest on these reserves.

Additionally, in 2019, among different activities, the TCH called for additional examination and robust data security requirements on fintech firms. The TCH accepts these organizations ought to be held to similar level of accountability and measures required by banks.

Features

  • In 2018, the Financial Services Roundtable merged with the Clearinghouse Association to form The Clearing House (TCH).
  • Until 2018, the Financial Services Roundtable, a political campaigning and advocacy group, addressed around 100 of the biggest integrated financial services companies.
  • The primary activities of the organization incorporate campaigning efforts in Washington, D.C. to support the banking and financial industries, as well as political contributions to similar competitors.