In the News

Fed Said to Delay Bank Leverage Rule Until Basel Plan Ready

December 18, 2013

The financial industry has criticized the U.S. standards as too high. They “would effectively require much more capital to be held for banks’ least risky assets,” according to an Oct. 21 comment letter to regulators from the American Bankers Association, Financial Services Roundtable and the Securities Industry and Financial Markets Association. Going ahead of Basel is “putting the cart before the horse,” according to the letter. “Any final calibration should be set at an international level to ensure global consistency.”

CEO Tim Pawlenty talks Volcker Rule on NPR

December 16, 2013

Financial Services Roundtable CEO Tim Pawlenty stopped by NPR’s “The Diane Rehm Show” to discuss the Volcker Rule and why it fails to strike a balance between preventing financial institutions from engaging in unreasonable risk and stifling investments essential to growing the American economy.

Financial Regulators approve the long-awaited Volcker Rule

December 10, 2013

Former Republican presidential candidate Tim Pawlenty, who now heads the Financial Services Roundtable lobbying group, said Tuesday that the rule “will reduce needed access to capital” and “stifle investments essential to growing jobs and small businesses

Financial regulators warn of cyber-threat

December 9, 2013

BB&T CEO Kelly King echoed Amir-Mokri’s remarks, telling the council that the industry concerns about cyber attacks are also on the rise. “The world has changed, it’s not going back,” said King, who also serves as chairman of the board of directors for the Financial Services Roundtable’s technology policy council.

What Wall Street is looking for in the Volcker rule

December 9, 2013

“Limiting proprietary trading is going to increase costs to our institutions, which will be passed on to consumers,” said Anthony Cimino, head of government affairs for the Financial Services Roundtable, one of Wall Street’s most prominent lobbying groups.
He continued, “If you force banks to limit the types of investments they can provide, whether its from a hedging or investment perspective, you’re diminishing the amount of capital in the market.”

Wall Street frets as Volcker Rule nears vote

December 8, 2013

The Volcker rule has been fought by business interests, who now believe they are likely to lose on many key details. Among them: a bar on buying and selling investments for the bank’s own account even when they’re used to hedge positions the institutions are allowed to hold, said Anthony Cimino, vice president for government affairs at the Financial Services Roundtable.

Federal Agencies Prepare for Volcker Rule

December 7, 2013

“Absolutely this is a game-changer for the markets,” said Richard Foster, the head of the Financial Services Roundtable’s regulations department. “This is a sea change.”

Wells Fargo’s John Stumpf, the 2013 Banker of the Year

November 21, 2013

Stumpf didn’t make many waves this year as chairman of the Financial Services Roundtable, a rotating, 12-month appointment for the trade group’s members. But he has spoken out in support of community banks struggling with new regulatory burdens (“We’re all in this together. They’re good for America … and they’re our customers,” he says) and he doesn’t mind sharing his ire for the Volcker rule, the still-pending provision of the Dodd-Frank Act that would restrict banks’ ability to trade their own capital.

US fights losing battle for bitcoin riches

November 20, 2013

Paul Smocer, president at BITS, the technology policy division of industry body The Financial Services Roundtable, said that digital currencies appeal to merchants and customers due to lower transaction costs. Their ability to facilitate simpler international funds transfers would also mean companies would see an increase in international sales opportunities, he said at Tuesday’s hearing.

Financial service industry takes the lead in curing the third party security headache

November 15, 2013

Financial services has long worked to apply effective controls and protect the sensitive data flowing through these slick applications through the Financial Services Roundtable (BITS) or FS-ISAC. Though there are established controls for protecting information from software vulnerabilities of third party service and software providers, what is not established is how to ensure secure software development practices are applied by those third parties that develop software used by banks, mortgage lenders, and insurance companies.