The goal of The Clearing House and Bank Policy Institute's Annual Conference is to deepen the understanding of the shifting regulatory environment and the rapidly changing payments landscape.
Co-Sponsored by the Federal Reserve Bank of New York
Welcome Remarks and Introduction: James D. Aramanda
President and Chief Executive Officer, The Clearing House
Featured Speaker: Ryan Crocker
Lifelong U.S. Diplomat, Diplomat in Residence, Princeton University
In Conversation with: Greg Baer
President and Chief Executive Officer, Bank Policy Institute
Welcome Remarks and Introduction: Greg Baer
President and Chief Executive Officer, Bank Policy Institute
Featured Speaker: Joseph Otting Comptroller of the Currency, Office of the Comptroller of the Currency
In Conversation with: John Hope Bryant Founder, Chairman, and Chief Executive Officer, Operation HOPE, Inc.
Technology, changing consumer demands, regulation and non-bank competition are all forces changing the banking landscape, affecting how banks are structured, their technology investments, physical presence, ROE, and more. This panel convenes finance industry leaders with deep knowledge of the banking industry for an outside perspective on how banks are being re-shaped in response to these trends and what these changes mean for bank customers, markets, shareholders, and the financial system more generally. Panelists will also share their perspective and outlooks for the commercial banking landscape in the future.
Moderator: Mitchell S. Eitel, Partner, Sullivan & Cromwell LLP
The growth of online banking is having a significant impact on the availability and demand for various types of banking services. This panel will discuss the following: recent trends in the growth of mobile banking; the decline in the aggregate number of physical bank branches; accessibility of banking services in low-and-moderate income neighborhoods; trends in unbanked and underbanked households, and types of households that visit local bank branches.
Moderator: Derek M. Bush, Partner, Cleary Gottlieb Steen & Hamilton LLP
Nearly every aspect of our lives has moved into a 24/7 and on-demand reality, fueled by data-driven experience and hyper-personalized interactions. In the face of this wave of significant and constant change, financial institutions – along with virtually every other industry – are working to meet the needs of customers, who have not only adapted to new levels of speed, convenience, and service, but who are often demanding more. This panel of diverse experts from across the financial industry explores how financial institutions are meeting the continually evolving needs of customers, along with the equally important areas such as fraud and risk mitigation that have been required to evolve with technological change. Finally, we ask what the next wave of adapting to customer needs looks like.
Moderator: Nikhil Lele, Partner/Principal, Ernst & Young LLP
This panel will discuss the ways to improve supervision of supervised entities by ensuring (i) standards against which entities will be evaluated are clear and communicated ex ante, (ii) establishing a dialogue between firm staff and agency staff to discuss any issues that arise during the supervisory process (informal appeal process prior to finalizing supervisory letters), and (iii) establish the responsibilities of entity staff in the supervisory process.
Moderator: Randall D. Guynn, Partner, Davis Polk & Wardwell LLP
The ongoing digitization of virtually all aspects of financial products and customer experiences, along with the rapid adoption of cloud services and the rising prominence of APIs, among other factors, have brought most aspects of financial institutions’ technology environments into focus. According to one recent survey, 57% of financial institutions are now designing or implementing blueprints for overarching technology transformations in their institutions, which may well set the stage to change many, if not all, aspects of banking. This panel explores how financial institutions are meeting, and in many cases, actively promoting a disruption of the traditional banking model.
Moderator: Rick Chavez, Partner, Oliver Wyman
Introduction: Mike Lee, Senior Vice President, Government Affairs, Bank Policy Institute
Featured Speaker: Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation
In Conversation with: H. Rodgin Cohen, Senior Chairman, Sullivan & Cromwell LLP
The landscape for large commercial banks in the United States continues to evolve in response to the overall business environment, technological shifts, and changing customer demands, as well as other variables. This panel convenes five bank CEOs to provide perspective on the key issues for large commercial banks today, meeting consumer demands, the regional and national economic picture, technological advances and managing a bank in the digital age.
Moderator: Fritz Nauck, Senior Partner, McKinsey & Company
Key business services provided by financial services firms are critical to the efficient operation of markets, financial platforms and systems for customers, clients and counterparties at the national and global level. This panel will pull together senior regulators at the U.S. banking agencies, industry experts and security experts from the private sector to discuss this evolving area, including development of a common taxonomy, which activities to prioritize, defining impact tolerance, coordination between regulation and supervision and driving coordination with non-U.S. regulators.
Moderator: Adam Gilbert, Partner, Financial Services Advisory Risk and Regulatory Co-Leader, PwC
With the RTP Network in-market and today reaching more than half of U.S. consumer and business deposits, real-time payments have become a concrete reality for the country. Today, financial institutions of all types are rapidly rolling out new products and services that deliver the fast, safe, and secure payments functionality that is consistent with the real-time manner in which we live and operate today. This panel, comprised of several of the many financial institutions and their customers that are quickly delivering real-time-based solutions, will discuss how they are each leveraging real-time payments capabilities, areas of particularly-rapid adoption, and the additional use cases that are now emerging.
Moderator: Brian Shniderman, Principal, Deloitte
This panel will explore issues of market fragmentation surrounding the current trend towards regulatory and supervisory ring-fencing, which may threaten the stability gains promised by the international framework that has emerged in the years following the Crisis.
Moderator: Reena Agrawal Sahni, Partner, Shearman & Sterling LLP
The digitization of the customer experience has moved far beyond the consumer as a key area of focus and well into the business marketplace. Today, businesses are demanding digital-first solutions that integrate with their BAU processes and that help to effectively streamline workflows. This panel will discuss how bank-enabled APIs and fintechs are enabling these solutions and also how real-time payments will further contribute to the ongoing and significant transformation of B2B banking.
Moderator: Cyrus Bhathawalla, Managing Director, Advisory, KPMG LLP
Welcome Remarks: Michael L. CorbatChief Executive Officer, Citigroup, Inc.
Featured Speaker: Dr. Robert J. Shiller Nobel Laureate in Economics, Distinguished Professor of Economics,
Yale University; Author, Narrative Economics
In Conversation with: Bill Nelson Executive Vice President and Chief Economist, Bank Policy Institute
Welcome Remarks and Introduction: Greg Baer President and Chief Executive Officer, Bank Policy Institute
Featured Speaker: Justin G. Muzinich Deputy Secretary of the Treasury, U.S. Department of the Treasury
The litigation and enforcement environment continues to evolve for banks, particularly in the context of government investigations and enforcement actions, which, year after year, become steadily more demanding. Senior representatives from banks, regulatory agencies, and the legal community will provide insights into the hallmarks of a good internal investigation, current enforcement priorities and initiatives and more. The panelists will also discuss issues relating to voluntary disclosure and cooperation, types of credit available for an effective compliance program, institutional versus individual accountability, interagency coordination of enforcement actions, and the appropriate role of compliance monitors.
Moderator: Daniel Gallagher, Partner, Deputy Chair, Securities Department, WilmerHale
This panel will explore the privacy landscape emerging in the US, how the financial sector is reacting to the new data protection regimes being established by the states, and the intersection of data privacy and data security. The panel will also consider issues that arise in the financial services industry around data sharing and customer authorizations to third parties to access data.
Moderator: Jeffrey P. Taft, Partner, Mayer Brown LLP
This panel will consider the use of new technologies, such as artificial intelligence and machine learning, that are being incorporated in the consumer credit underwriting and decisioning processes. The panel will examine the current ways in which a variety of financial institutions use AI to leverage alternative data to expand access to credit, and discuss the regulatory considerations that come into play, such as fair lending and UDAAP. Further, the panel will provide insights into how regulators consider these issues, including the interactions between the regulators and financial institutions regarding the use of these technologies.
Moderator: Eric Mogilnicki, Partner, Covington & Burling LLP
Research conducted by TCH shows that over half of the U.S. banked population has used at least one fintech app where they allow an app access to their financial data. This panel explores issues relating to access to and use of bank-held customer data when consumers choose to share their financial data with fintech applications. Topics to be discussed include: the increasingly-complex relationships between and among financial institutions, data access providers and fintech data users; consumer permissioning; and issues relating to data safety and security. The panel will address key problems that require solutions in these areas, along with the approaches that several different entities are taking to solve them.
Moderator: Ben Isaacson, Senior Vice President, Product Strategy,
The Clearing House
This panel will discuss the evolution of U.S. sanctions programs and how they and technological developments are impacting bank compliance programs.
Moderator: Satish Kini, Partner, Debevoise & Plimpton LLP
Payments systems participants around the world have continued to modernize (and even revolutionize) the speed, connectivity, and convenience of services available to consumers at an increasing pace. The adoption of innovative new payments products and services, which has often commenced in developing markets, is now coalescing, whereby countries with legacy networks are now upgrading – and even leading the way – with state of the art new payments networks. This panel convenes a range of experts focused on geographies around the globe for perspectives on innovation in payments today and how this collectively impacts the U.S., and the global payments landscape overall.
Moderator: Grace Klopcic, Partner, McKinsey & Company
Welcome Remarks and Introduction: Rob HunterDeputy General Counsel and Executive Managing Director, The Clearing House
Featured Speaker: Kathy Kraninger
Director, Consumer Financial Protection Bureau
In Conversation with: Naeha Prakesh
Associate General Counsel and Senior Vice President for Consumer Regulatory Affairs, Bank Policy Institute
Earlier this year, the Federal Reserve proposed new rules regarding the definition of “control” under the Bank Holding Company Act in view of the frequent uncertainty surrounding whether an investment in and/or by a banking organization would constitute “control” under the Federal Reserve’s current approach and the consequences of bank holding company status for controlling investors in banks. Representatives from the Federal Reserve and the banking industry will discuss how they expect the forthcoming shift in the framework will affect investments in and by banking institutions, including relating to bank investments in fintech companies and shareholder representation on bank boards. Panelists will also discuss the latest regulatory and market developments relating to bank m&a and agency application reviews.
Moderator: Richard K. Kim, Partner, Wachtell, Lipton, Rosen & Katz
Consumers are now well used to near frictionless commerce in certain situations, e.g., Amazon, Paypal, Uber, etc., but most e-commerce remains a bit more cumbersome. Current initiatives like W3C and Secure Remote Commerce (SRC), aim to strike a balance between speed, safety and consumer convenience. This group will discuss these initiatives and more in the quest for frictionless purchases.
Moderator: Peter Hewlett, Partner, A.T. Kearney
The general counsels of the Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau will share thoughts on their current priorities and what’s ahead for 2020.
Moderator: Michael M. Wiseman, Partner, Sullivan & Cromwell LLP