The firms were initially slated to be included in a newly merged trade association, but they were blocked after some executives objected to adding more Wall Street banks.
Shahira Knight, the deputy director of the National Economic Council, is leaving the White House to join The Clearing House Association as its head of public affairs.
Bankers have long complained that anti-money-laundering regulations impose an extra burden without really stopping major crime. D.C. is finally listening.
The merger of the Financial Services Roundtable and The Clearing House Association is likely to bring a more analytical approach to the combined group’s dealings with lawmakers, emphasizing detailed research over simplified talking points.
Financial institutions and retail companies are trading barbs over which industry poses greater risk to sensitive customer information just as lawmakers are planning to take another stab at a data security bill.
Examiners focus too much on how many suspicious activity reports banks file and too little on the true riskiness of their activities, according to lawmakers and industry representatives.
The Senate Banking Committee's first hearing of 2018 will focus on anti-money-laundering efforts and counter terrorist financing, which could be a precursor to legislative reforms.
As the banking industry moves closer to adopting a faster payments system, bank executives have begun to think through the impact it will have on clients and banks themselves.
