Top Financial Services Groups to Merge
The Financial Services Roundtable (FSR) and The Clearing House (TCH) have announced plans to merge their association activities, with TCH President Greg Baer becoming chief executive officer for the new organization.
FSR CEO Tim Pawlenty previously announced his plans to step down from his post at FSR.
Chris Feeney, president of FSR’s technology policy division, will assume interim responsibility for FSR until Baer becomes CEO.
A new name for the merged organization has not yet been announced.
The Clearing House is a banking industry association as well as a core banking payments company that is owned by large commercial banks including Bank of America, Deutesche Bank, JPMorgan Chase, Fifth Third, Citi, Barclays, State Street, Wells Fargo and others.
The merger involves the TCH association, which does data-driven research, analysis, advocacy and litigation focused on financial regulation on behalf of large banks.
The Clearing House Payments Co. will continue to operate its payment systems.
FSR is an advocacy organization for the financial services industry focused on policy and regulatory matters. FSR members include many of the same large banks that belong to TCH as well as insurance, asset management, finance and credit card companies.
“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,” said current TCH CEO Jim Aramanda.
“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 outgoing FSR CEO Pawlenty.