Clearing House Association, LLC


Clearing House Association, LLC

The Clearing House Association, LLC is the nation’s oldest banking association representing 17 of the world's largest commercial banks, which collectively employ over 2 million people and hold more than half of all U.S. deposits. It is a nonpartisan advocacy organization representing—through regulatory comment letters, amicus briefs and white papers—the interests of its owner banks on a variety of systemically important banking issues.

Members of The Clearing House include JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Bank of New York Mellon Corp., Deutsche Bank AG, UBS AG, U.S. Bancorp and Wells Fargo & Co.[1] The Clearing House Payments Company, an organization owned by the same banks, was established in New York in 1853 for the purpose of processing transactions among banks.[2][3] It has offices in New York, North Carolina and Washington, D.C.[3]

In September 2009, the Clearing House joined a lawsuit in support of the Federal Reserve after a federal court in New York ruled against the Fed.[1] Filed by Bloomberg News under the Freedom of Information Act, the lawsuit sought records showing where the Fed had lent $2 trillion of taxpayer funds during the bank bailout of the financial crisis of 2008. The Clearing House has filed an appeal before the United States Supreme Court on October 26, 2010.[4] As of March 2011, the case remains on appeal.[5]

The Clearing House was also sued by the State of New York in Andrew Cuomo v. the Clearing House Association, LLC to determine whether the U.S. Treasury's Office of the Comptroller of the Currency (OCC) had the authority to preempt a state's right to enforce its own fair lending laws against national banks.[6] A 5-4 decision by the Supreme Court overturned previous lower court decisions that had ruled in favor of the Clearing House and the OCC.

Contents

Leadership

  • James Aramanda serves as Chief Executive Officer of The Clearing House Association.
  • Paul Saltzman is President of The Clearing House Association.
  • Michael Helfer, General Counsel and Corporate Secretary of Citi, is Chairman of The Clearing House Association Board.

Membership

  • Citi
  • Banco Santander
  • Bank of America
  • BNY Mellon
  • BB&T
  • Capital One
  • Comerica
  • Deutsche Bank
  • HSBC
  • JPMorgan Chase
  • KeyBank
  • PNC
  • RBS Citizens
  • Union Bank, N.A.
  • UBS
  • U.S. Bank
  • Wells Fargo

See also

References

  1. ^ a b Bob Ivry, "Fed Loses Bid for Review of Bailout Disclosure Ruling" Bloomberg News (August 23, 2010). Retrieved March 10, 2011
  2. ^ Martin Campbell-Kelly, "Victorian Data Processing", Communications of the ACM, Vol. 53, No. 10, October 2010, pages 19–21
  3. ^ a b Company description The Clearing House. Retrieved August 29, 2011
  4. ^ Bob Ivry and Greg Stohr, "Fed Won't Join Supreme Court Appeal on Loan Disclosures" Bloomberg News (October 26, 2010). Retrieved March 10, 2011
  5. ^ Amicus curiae (PDF) The Clearing House (March 2, 2011). Retrieved March 10, 2011
  6. ^ Adam Levitin, "Cuomo v. The Clearing House Association: OCC Loses Even with Chevron Deference" Credit Slips financial blog (June 29, 2009). Retrieved March 2, 2011

External links


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