Two major banking trade associations—the Financial Services Roundtable and the advocacy and research arm of The Clearing House Association will merge, the groups have announced.
Upon completion of the arrangement, TCH Association President Greg Baer will become Chief Executive Officer for the new organization. Prior to taking his position at TCH Association, Baer was managing director and head of regulatory policy at JPMorgan Chase. The Roundtable’s CEO, former Minnesota governor Tim Pawlenty, had earlier announced his intention to his organization.
The groups’ announcement did not specify a completion date for the combination nor any anticipated name change.
“FSR is shaping and advancing financial service and technology policies that drive the U.S. economy. These two organizations will be stronger together,” said FSR Chairman Brian Moynihan, Bank of America CEO.
“The TCH Association has been a thought leader on key issues in bank prudential regulation, and we expect this combination to expand the reach of its advocacy,” said TCH Chairman Bill Demchak, CEO of PNC. “Meanwhile, the Clearing House Payments Company will continue to operate its payment systems and focus on its new real-time payments system and other payments innovations,” he added.
“Throughout the last decade, The Clearing House Association has served as an effective advocate for the banking industry through our unique approach of applying data-driven analysis, research and thought leadership,” said TCH CEO Jim Aramanda. “It makes sense to combine the capabilities of two organizations focused on the same goals to create a premier financial services trade association, while The Clearing House continues in its mission of payments innovation and operating core payment systems for the banking industry.”
“The combination of these two organizations and their respective research and advocacy strengths further advances FSR’s new strategic focus on banking and payment policies that spur economic growth, increase jobs, modernize cybersecurity policy, and improve financial security for more Americans,” said Pawlenty.
“Our goal at the TCH Association has been to help shape sound financial services policy with high-quality research and analysis, and I look forward to continuing that work, and amplifying its impact, as we form a new organization,” said TCH Association President Greg Baer.
Chris Feeney, president of the Roundtable’s technology policy division (BITS), will assume interim responsibility for FSR until Baer becomes CEO of the combined organizations.