CONTACT: Julia Lawless
WASHINGTON, D.C. – Financial Services Forum President and CEO Kevin Fromer released the following statement today after the Federal Reserve Board (FRB) issued its final rule to determine control of a banking organization:
Today’s rule takes steps to clarify and simplify the regulatory framework for bank holding company control determinations which will, ultimately, help banks better serve customers. As we comb through the details, we are examining whether it fully reflects our goal to keep U.S. financial markets on the frontline of global innovation within the industry and ensure American banking organizations remain competitive around the world.”
Last year, the Forum along with the Securities Industry and Financial Markets Association (SIFMA) submitted comments to the FRB regarding the proposed modifications to the rules governing the control of a banking organization.
The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, deep and liquid capital markets, a competitive global marketplace, and a sound financial system.
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