WASHINGTON—The Financial Services Roundtable and The Clearing House Association are merging, the two groups announced.
The Clearing House Association is one of Wall Street’s largest lobbying groups, and is part of The Clearing House, a banking association and payments company owned by the world’s largest banks.
Owners of The Clearing House include Bank of America, Capital One, Citibank, JPMorgan Chase, PNC Bank, Santander, SunTrust, UBS, U.S. Bank, Wells Fargo, and others.
The Financial Services Roundtable recently shifted its focus to issues facing the nation’s largest banks, noted Housingwire.
The board of the FSR voted late last year to “pare down its membership only to banks with more than $25 billion in assets” in order to allow the group to focus solely on big bank issues and lobby on their behalf, Housingwire noted.
The move, reportedly led by Bank of America CEO Brian Moynihan, cut the FSR’s membership from more than 80 members to just over 40, with the expulsion of insurers, asset managers, and some nonbanks, Housingwire stated.
“That move left the group’s membership limited to banks like Citi, JPMorgan Chase, U.S. Bank, Wells Fargo, and the like. And now, the two lobbying groups that solely represent the nation’s biggest banks are merging,” Housingwire said.
Upon completion of the merger, TCH Association President Greg Baer will become the chief executive officer for the new organization, Housingwire reported.