CONTACT: Laura Peavey(202) 457-8770lpeavey@fsforum.com&nbsp;Forum Responds to FDIC Request for Information on DepositsThe Forum urges the FDIC for a data-driven assessment on bank deposits before pursuing regulatory changes.Washington, D.C. – The Federal Deposit Insurance Corporation (FDIC) should engage in a comprehensive, data-driven assessment of bank deposits before proposing any regulatory change, the Financial Services Forum told the agency Friday.Responding to a Request for Information (RFI) on deposits issued by the FDIC, the Forum outlined several areas for the agency to engage in its confidential supervisory collection and analysis process. In addition, the Forum suggested broadening publicly available data on operational deposits in the Call Report, which would help improve public transparency on deposit funding in the banking sector.The Forum also noted that the RFI is motivated by and devotes significant attention to the March 2023 regional bank failures. In its submission, the Forum provided context to these events and highlighted that Forum members – the eight U.S.-based Global Systemically Important Banks – operate strong balance sheets with ample liquidity and have been a source of strength in times of financial market stress, including during the March 2023 banking turmoil.“The Forum strongly believes that the current proposal to modify the existing brokered deposit rule must be accompanied by a detailed, data-based analysis of the characteristics and risks of the affected deposits before the proposal is moved forward,” Forum President and CEO Kevin Fromer said. “Importantly, such data and analysis must inform any future proposed changes to the regulatory treatment of these or other deposit types.”The Forum’s full letter can be found <a href="https://fsforum.com/a/media/rfi_fsf_response_final.pdf">here</a>.&nbsp;###The Financial Services Forum is an economic policy and advocacy organization whose members are 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&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. Visit our website:&nbsp;<a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter&nbsp;<a href="https://twitter.com/fsforum">@fsforum</a>&nbsp;and&nbsp;<a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>&nbsp;

Press Releases

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The Forum advocates for appropriate policy and regulation that promotes a strong, diverse financial system and supports the needs of our economy and American competitiveness.

Regulatory, other topics 

Forum Responds to FDIC Request for Information on Deposits

CONTACT:&nbsp;Barbara Hagenbaugh(202) 457-8783bhagenbaugh@fsforum.com&nbsp;Forum Welcomes Laura Peavey to Communications TeamFormer House Financial Services Committee communications director to serve in key role working with media and external stakeholdersWashington, D.C. – The Financial Services Forum announced that Laura Peavey today has joined the organization as Director of Media and Outreach.“Laura has a clear wealth of financial policy knowledge and a strong communications background after working for nearly a decade on Capitol Hill in leading communications roles,” Forum President and CEO Kevin Fromer said. “We are excited for her to join the Forum team representing the nation’s largest banks in Washington.”Peavey previously was the Communications Director of the House Financial Services Committee, where she served as the primary, on-the-record spokeswoman for Chairman Patrick McHenry (R-NC) and the majority members of the committee. In that role she worked with members of the media across the country, developed communications strategies to build awareness about legislative priorities, and managed the communications team. She led the committee’s communications response during a number of defining moments, including the Covid pandemic, the GameStop short squeeze, the FTX collapse, the March 2023 banking turmoil, debt ceiling negotiations, and Chairman McHenry’s service as Speaker Pro Tempore. &nbsp;Prior to her role on the committee, Peavey served as press secretary for the House Rules Committee, as deputy press secretary for Sen. Joni Ernst (R-IA) and as a press assistant for Rep. Michael Burgess (R-TX).A Texas native, she holds a degree from The Mayborn School of Journalism at the University of North Texas.&nbsp;###&nbsp;The Financial Services Forum is an economic policy and advocacy organization whose members are the eight largest and most diversified financial institutions headquartered in the United States.&nbsp; Forum member institutions are a leading source of lending and investment in the United States and serve&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. Visit our website: <a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter <a href="https://twitter.com/fsforum">@fsforum</a> and <a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>

Forum Welcomes Laura Peavey to Communications Team

CONTACT: Barbara Hagenbaugh(202) 457-8783bhagenbaugh@fsforum.com FDIC Proposed Rule on Brokered Deposits is UnwarrantedProposed changes to brokered deposit regulations would unnecessarily reverse recently established policy, disrupt stable, long-term deposit relationships, and harm the economyWashington, D.C. – A proposed rule from the Federal Deposit Insurance Corporation (FDIC) to amend its regulations related to brokered deposits would lead to higher costs for consumers and businesses across the economy, the Financial Services Forum said Thursday.Brokered deposits are funds collected by a broker from multiple customers and deposited into a bank. As financial institutions navigate market challenges, brokered deposits play a vital role in diversifying funding sources and enhancing overall stability. In 2020, the FDIC significantly modernized its brokered deposits regulations following a multi-year comment period. If adopted, the proposed rule would reverse recently established policy without adequate reasoning or justification, potentially destabilizing the brokered deposit marketplace and creating unnecessary costs to the economy.In a letter to the FDIC, the Forum stated that reversing existing rules would disrupt long-established arrangements. The proposed rule would impose significant costs to the banking sector, including the U.S. Global Systemically Important Banks, which are subject to the most stringent prudential requirements. That would ultimately result in higher costs for consumers and businesses and act as a drag on the economy as a whole.“This rapid reversal of existing regulatory practices would impede the practice of safe and sound banking by reducing consistency and transparency surrounding the FDIC’s expectations,” Forum President and CEO Kevin Fromer said. “The FDIC should not engage in such a broad rulemaking that would unnecessarily destabilize its own recently settled approach without first understanding the potential costs and benefits of the Proposal.”The Forum’s full letter can be found <a href="https://fsforum.com/a/media/fsf---brokered-deposits-comment-letter.pdf">here</a>.&nbsp;The Forum also joined a letter on the topic with The Bank Policy Institute, American Bankers Association, U.S. Chamber of Commerce, Financial Technology Association, Independent Community Bankers of America, and Securities Industry and Financial Markets Association. The full letter can be found <a href="https://fsforum.com/a/media/joint-trades-brokered-deposits-comment-letter-11.20.24.pdf">here</a>.&nbsp;###The Financial Services Forum is an economic policy and advocacy organization whose members are 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&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. Visit our website:&nbsp;<a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter&nbsp;<a href="https://twitter.com/fsforum">@fsforum</a>&nbsp;and&nbsp;<a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>

FDIC Proposed Rule on Brokered Deposits is Unwarranted

CONTACT: Barbara Hagenbaugh&nbsp;(202) 457-8783bhagenbaugh@fsforum.com&nbsp;Forum Welcomes Record Low in Unbanked and Underbanked Households“This work helps ensure Americans have a solid financial foundation to safely and affordably meet their everyday banking needs and save for the future,” Forum CEO saysWashington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement after the FDIC <a href="https://www.fdic.gov/household-survey/2023-fdic-national-survey-unbanked-and-underbanked-households-executive-summary">reported</a> that the number of U.S. households that were either unbanked or underbanked reached a record low in 2023:“The decline in the number of U.S. households that are either unbanked or underbanked to a record low marks an important milestone in the impactful work by the nation’s largest banks and others to bring more Americans into the banking system. This work helps ensure Americans have a solid financial foundation to safely and affordably meet their everyday banking needs and save for the future.“Financial Services Forum members were founding bank partners in a pilot program to provide low-cost, low-fee checking accounts, known as <a href="https://joinbankon.org/">BankOn</a> accounts, nearly a decade ago. There are now 12 million BankOn accounts at Forum member banks across the country. Our members will continue to be leaders in this effort to bring even more households into the banking system so they can help secure their financial future.”&nbsp;###&nbsp;Click <a href="https://financialservicesforum.cmail19.com/t/r-i-tdurltdy-l-t/">here</a> for more information on Forum members’ work to bring more people into the banking system.&nbsp;The Financial Services Forum is an economic policy and advocacy organization whose members are the eight largest and most diversified financial institutions headquartered in the United States.&nbsp; Forum member institutions are a leading source of lending and investment in the United States and serve&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. Visit our website: <a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter <a href="https://twitter.com/fsforum">@fsforum</a> and <a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>

Forum Welcomes Record Low in Unbanked and Underbanked Households

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<ul><li>As part of its 5-year, $1.25 billion commitment to closing the racial wealth gap Bank of America is working to drive systemic change by investing in CDFIs and MDIs, developing financing solutions for minority owned small businesses and entrepreneurs of color, and partnering with national and local nonprofits to support workforce development, entrepreneurship, and home ownership. As part of the $1.25 billion, Bank of America committed $50 million to support MDIs. To date, $36 million of equity capital has been invested in 21 MDIs across the country. This is in addition to approximately $100 million in deposits to MDIs, and the bank’s existing $2 billion CDFI portfolio.</li><li>As part of its $1 billion strategic initiative to close the racial wealth gap, Citi has committed $100 million to MDIs to expand access to banking and credit in communities of color. Citi has allocated more than $50 million so far and the bank has closed nearly $15 million in affordable housing loan participations for MDIs to build revenue and capacity. Citi also emphasizes engagement and mentorship. Through collaboration with <a href="https://www.deloitte.com/global/en.html">Deloitte</a> and the <a href="https://www.nationalbankers.org/">National Bankers Association</a>, Citi has established an MDI technical assistance program to support talent development, enhance technology, and expand business networks.</li><li>Goldman Sachs has deployed over $206 million in capital to support Black-led MDIs, including a $130 million commitment to Hope Enterprise Corporation, a leading MDI and CDFI in the South, to establish the “Deep South Economic Mobility Collaborative,” a public-private partnership with seven cities and nine historically Black colleges and universities across the South. The Collaborative will provide credit and support services to entrepreneurs of color, particularly Black women entrepreneurs, in historically disadvantaged neighborhoods.</li><li>As part of its $30 billion commitment to advance racial equity, JPMorgan Chase is providing diverse-led financial institutions with additional access to capital, connections to institutional investors, specialty support for Black-led commercial projects, and mentorship and training opportunities. In 2020, the firm committed to investing $50 million in Black and Latinx-led MDIs and CDFIs. With nearly $60 million already deployed to nine MDIs, the commitment has been increased to $75 million, which could generate access to as much as $750 million in community lending.</li><li>Morgan Stanley has provided <a href="https://www.businesswire.com/news/home/20200730005759/en/Morgan-Stanley-Announces-14-Million-to-Support-CDFI-Carver-Bancorp-Inc.">commitments</a> to MDIs in the form of grants, including to Carver Savings Bank in Harlem; Industrials Bank in Washington, D.C. and Newark, N.J.; and Citizens Bank in Atlanta. The grants will help the banks assist small businesses that were affected by COVID-19, particularly those that did not receive federal relief loans, and will support additional investments into technology systems to improve delivery of customer, mortgage and business lending services.</li><li>State Street <a href="https://newsroom.statestreet.com/press-releases/press-release-details/2024/State-Street-Announces-100-Million-Program-for-Minority-Depository-Institutions-and-Community-Development-Financial-Institutions/default.aspx">announced</a> a $100 million program to provide low-cost, stable deposit funding to Minority Depository Institutions and Community Development Financial Institutions. As partners with Optus Bank and Mechanics &amp; Farmers Bank, State Street will support the firms’ collective missions of addressing inequities in our communities by working toward a more just and equitable future.</li><li>Wells Fargo has <a href="https://newsroom.wf.com/English/news-releases/news-release-details/2021/Wells-Fargo-Invests-in-Five-Additional-Black-Owned-Banks/default.aspx">committed</a> $50 million in investments in MDIs. Above and beyond the equity investments, Wells Fargo is engaging in long-term partnerships with MDIs, including providing bank coverage teams for each MDI, providing technical assistance, fee-free ATM access for MDI customers, selling some shuttered branches to MDIs and looking at selling certain loan portfolios to MDIs.</li></ul>

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Supporting CDFIs and MDIs

We are supporting hundreds of Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) by providing over $11.5 billion in capital and financing since the beginning of 2020.

<ul><li>Bank of America&nbsp;in 2020&nbsp;<a href="https://newsroom.bankofamerica.com/press-releases/bank-america-announces-four-year-1-billion-commitment-supporting-economic">committed</a> $1 billion over four years to help local communities address economic and racial inequality. The firm has also <a href="https://newsroom.bankofamerica.com/press-releases/community-development/smithsonian-announces-race-community-and-our-shared-future#:~:text=Bank%20of%20America's%20%2425%20million,economic%20opportunity%20in%20minority%20communities.">committed</a> an additional $25 million to the Smithsonian to fund its Race, Community and Our Shared Future initiative, <a href="https://newsroom.bankofamerica.com/press-releases/corporate-philanthropy/bank-america-expands-support-boys-girls-clubs-america-1">provided</a> a $1 million grant to the Boys &amp; Girls Clubs of America, and made a $22.1 million <a href="https://newsroom.bankofamerica.com/press-releases/corporate-philanthropy/bank-america-expands-support-boys-girls-clubs-america-1">investment</a> in 2020 Neighborhood Builders and Neighborhood Champions in Support of Local Organizations.&nbsp; &nbsp;&nbsp;</li><li>BNY Mellon&nbsp;has <a href="https://www.bnymellon.com/us/en/about-us/newsroom/company-news/bny-mellon-commits-20-million-to-fund-the-future-workforce.html">committed</a> $20 million to community colleges and a select group of local and national organizations to support workforce training programs in traditionally underrepresented minority groups and communities. Additionally, the bank made an initial pledge of $1.5 million to organizations including My Brother’s Keeper, the NAACP Legal Defense and Education Fund, the Southern Poverty Law Center, the National Network for Safe Communities and the Vera Institute of Justice.</li><li>Citi <a href="https://www.citigroup.com/citi/news/2020/200923a.htm">launched</a> more than $1 billion in strategic initiatives in 2020 aimed at closing the racial wealth gap. The bank also <a href="https://www.citigroup.com/citi/news/2020/200117a.htm">launched</a> the $150 million Citi Impact Fund to make equity investments in ‘double bottom line’ private sector companies, with a focus on women and minority owned businesses.</li><li>Goldman Sachs&nbsp;has launched the One Million Black Women <a href="https://www.goldmansachs.com/our-commitments/sustainability/one-million-black-women/index.html">initiative</a>, a $10 billion investment initiative to advance racial equity and economic opportunity by investing in Black women with the goal of impacting the lives of at least 1 million Black women by 2030. It has also <a href="https://www.goldmansachs.com/media-relations/press-releases/current/gs-fund-for-racial-equity.html">created</a> the Goldman Sachs Fund for Racial Equity, which launched with $10 million – building on the more than $200 million the firm has granted over the past decade to organizations serving communities of color – and aims to support organizations addressing racial injustice, structural inequity and economic prosperity.</li><li>JPMorgan Chase&nbsp;in 2020 <a href="https://www.jpmorganchase.com/news-stories/jpmc-commits-30-billion-to-advance-racial-equity">committed</a> $30 billion to advance racial equity over the next five years through growing Black- and Latinx-owned businesses, improving financial health and access to banking in Black and Latinx communities and accelerating investment to build a more diverse and inclusive workforce.</li><li>Morgan Stanley&nbsp;<a href="https://www.morganstanley.com/press-releases/morgan-stanley-announces-10-million-to-support-national-urban-le">announced</a> $10 million in grants to support the National Urban League, aimed at supporting financial literacy, homeowner counseling and workforce development programs. The firm also <a href="https://www.morganstanley.com/press-releases/morgan-stanley-commits--5-million-to-naacp-legal-defense-and-edu">committed</a> $5 million on top of matching employee contributions to the NAACP Legal Defense and Education Fund to support its work in fighting for racial justice.</li><li>State Street&nbsp;in 2020 <a href="https://www.statestreet.com/content/dam/statestreet/documents/New_Commonwealth_Racial_Equity_and_Social_Justice_Fund_Press_Release.pdf">announced</a> a five year, $5 million commitment to the New Commonwealth Racial Equity and Social Justice Fund, which supports Black- and brown-led organizations that are working on economic empowerment, youth civic engagement, healthcare equity and criminal justice reform.</li></ul>

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Combatting Inequality

We are dedicated to combatting inequality through a series of important initiatives. These initiatives support minority owned small businesses and provide funding for community organizations that are dedicated to closing the racial wealth gap.

<ul><li>In the most recent year, Bank of America Community Development Banking (CDB) provided $7.85 billion in loans, tax credit equity investments and other real estate development solutions, which helped build strong, sustainable communities through affordable housing and economic development across the country. This included more than 13,000 housing units for individuals, families, seniors, veterans and the formerly homeless. In addition, Bank of America continues its <a href="https://newsroom.bankofamerica.com/content/newsroom/press-releases/2021/02/bank-of-america-triples-affordable-homeownership-commitment-to--.html#:~:text=Bank%20of%20America%20today%20announced%20it%20will%20triple,than%2060%2C000%20individuals%20and%20families%20to%20purchase%20homes.">$15 billion Community Homeownership Commitment</a> to help 60,000 individuals and families purchase affordable homes by 2025.</li><li>BNY Mellon helps build stronger and more resilient communities by providing financing for affordable housing. Every year, the firm provides letters of credit and equity in the form of Low-Income Housing Tax Credits (LIHTC) to its clients. In 2022, BNY Mellon <a href="https://www.bnymellon.com/content/dam/bnymellon/documents/pdf/2022-esg-report.pdf">offered</a> 10 LIHTC equity investments, producing 938 housing units.</li><li>Citi offers its financial services to affordable housing developers across the nation through <a href="https://www.citibank.com/icg/sa/citicommunitycapital/">Citi Community Capital</a>. In 2022, Citi Community Capital <a href="https://www.citigroup.com/global/news/press-release/2023/citi-ranked-number-one-u-s-affordable-housing-lender-for-2022">provided</a> $6 billion to finance more than 35,000 affordable housing units and over $7.4 billion to finance multifamily affordable housing, education, and other community development projects. Additionally, Citi was <a href="https://www.citigroup.com/global/news/press-release/2023/citi-ranked-number-one-u-s-affordable-housing-lender-for-2022">recognized</a> as the Top U.S. Affordable Housing Lender for the 13th straight year in Affordable Housing Finance Magazine’s annual ranking.</li><li>In 2023, Goldman Sachs’ Essential Housing Impact Partnership—formed by the Michaels Organization, Goldman Sachs Asset Management’s Urban Investment Group, and the Community Development Trust – <a href="https://tmo.com/essential-housing-impact-partnership-acquires-90-affordable-communities/">invested</a> $1.2 billion in the acquisition of 90 affordable housing communities. This investment ensures the preservation of more than 10,000 affordable apartment homes for families and seniors with low and moderate incomes.</li><li>As part of JPMorgan Chase’s efforts to help close the housing affordability gap in Washington D.C., the firm in 2023 <a href="https://www.jpmorganchase.com/news-stories/jpmorgan-chase-announces-new-business-and-philanthropic-commitments">announced</a> a $7.5 million philanthropic commitment to three D.C. based non-profits that work to improve affordable housing. The firm also announced the expansion of Chase Home Lending’s $5,000 Homebuyer grant to communities in the D.C. region. Since 2021, JPMorgan Chase’s commitment to close the housing affordability gap has helped preserve or create more than 12,500 housing units and serve more than 46,000 households.</li><li>Morgan Stanley’s Community Development Finance (CDF) group is the firm’s key driver for supporting affordable housing. In 2022, CDF financed over 75 affordable housing developments for a total of over $1.5 billion in new construction, preservation and rehabilitation of affordable housing. In 2023, CDF continues to address the growing housing affordability crisis by investing in projects like Pinyon Apartments, with a $51 million equity investment for the new construction of 252 affordable homes for families in Reno, Nevada and Villages of East River, a $37.4 million equity investment for the substantial renovation of 202 units of deeply affordable housing with services for families in Washington, DC.</li><li>State Street Bank also makes equity investments in affordable multifamily housing communities throughout the US as part of our Tax Advantaged Investment group and through our participation in the Low Income Housing Tax Credit (“LIHTC”) program. Our current LIHTC portfolio includes 939 properties, encompassing over 79,000 affordable units.</li><li>In 2022, 3,000 Wells Fargo employees <a href="https://www08.wellsfargomedia.com/assets/pdf/about/corporate/diversity-equity-inclusion-report.pdf">volunteered</a> with Habitat for Humanity. Wells Fargo also provided $7.75 million to the organization to renovate and repair more than 380 affordable homes across the nation. Since 2010, Wells Fargo and the Wells Fargo Foundation have donated more than $129 million to Habitat for Humanity International and local affiliates in support of affordable and sustainable housing, including support for new home construction and repairs, helping older adults age in their homes, and neighborhood revitalization and disaster response efforts.</li></ul>

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Commitment to Affordable Housing

Forum members are playing a leading role in promoting affordable housing throughout the country. In 2023, Forum banks created or preserved more than 244,773 affordable housing units.

<ul><li>Wells Fargo launched the <a href="https://www.wellsfargo.com/jump/enterprise/banking-inclusion-initiative/">Banking Inclusion Initiative (BII)</a>, a 10-year commitment to accelerate the access of unbanked communities to affordable, low-cost banking and provide financial education for minority families. In addition, they’ve introduced Community Connections Branches within LMI neighborhoods specially designed around the needs of diverse communities, which feature redesigned spaces created to deliver one-on-one consultations, improve digital access, and offer financial health seminars. Through the BII, Wells Fargo is helping to increase access to digital solutions by deepening existing relationships with Minority Depository Institutions and fintechs, whose customers can use Wells Fargo’s ATM network without incurring fees from the bank.</li><li>Located in areas that have historically lacked access to traditional banking service, <a href="https://www.jpmorganchase.com/impact/racialequity/financial-health">Chase</a> Community Center branches host free financial health workshops and skills training, serve as a pop-up shops for small business clients, and provide free Wi-Fi access. Each community-style branch is led by a dedicated community manager, hired locally to build trust/engage the community, increase awareness of financial health resources, and address specific needs of the neighborhood. These initiatives among others support JPMorgan Chase’s goal to open 1 million new accounts for the underbanked and unbanked by 2025. Since the launch of the initiative in 2020, the bank has helped nearly half a million US households access low-cost checking accounts and reached more than 250,000 people through financial education events.</li><li>Citi developed Citi Financial Pathways to expand banking access and support financial progress for all. By bringing together some of Citi’s inclusive products, services, and tools, Citi Financial Pathways was designed as a launch point to empower and help its customers make informed decisions about their financial futures. Individuals can explore ways to achieve their goals with strategies to manage money, understand credit, grow wealth, finance a home and run a business. Links to a variety of personal finance articles and money management resources offer additional guidance and context to help individuals take the next step on their path to financial wellness.</li><li>Bank of America operates 1,100 financial centers in low- to moderate-income neighborhoods, helping to connect the unbanked and underbanked to the products and financial education they need. These centers are staffed by trained professionals, many of whom are multilingual, and that feature tools and resources such as kiosks with interactive, self-guided financial education content and conference rooms offering free Better Money Habits education seminars in English and Spanish. The bank also offers <a href="https://bettermoneyhabits.bankofamerica.com/en">BetterMoneyHabits.com</a> to all consumers, and clients have 24/7 access to the bank’s industry leading mobile and online banking platforms.</li></ul>

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Bringing Those Outside of Banking In

Forum members have long been on the frontlines in the effort to bring unbanked and underbanked Americans into the financial mainstream.

<ul><li>Bank of America&nbsp;has committed to spending nearly $2 billion annually with diverse businesses through its <a href="https://about.bankofamerica.com/en-us/what-guides-us/vendor-management.html#fbid=tlM4qFkwCad">Supplier Diversity program</a>.</li><li>BNY Mellon&nbsp;has established a dedicated <a href="https://www.bnymellon.com/us/en/supply-chain-responsibility-program/supply-chain-responsibility-program-statement.html">Supply Chain Responsibility program</a> to build and maintain a diverse supplier base, as well as host workshops and expos to support diverse vendor development.</li><li>Citi actively seeks diverse suppliers through minority and women business development organizations and participation in various trade show activities while utilizing diverse suppliers and consultants through their <a href="https://www.citigroup.com/citi/suppliers/who.htm">Supplier Diversity program</a>.</li><li>Goldman Sachs&nbsp;has <a href="https://www.goldmansachs.com/our-commitments/sustainability/our-vendor-program/vendor-diversity/">committed</a> to increasing spending with diverse vendors by 50 percent by 2025.</li><li>JPMorgan Chase&nbsp;has set a goal of continually exceeding $1 billion in spending with <a href="https://www.jpmorganchase.com/about/suppliers/supplier-diversity">diverse suppliers</a> each year.</li><li>Morgan Stanley&nbsp;<a href="https://www.morganstanley.com/about-us/supplier-diversity">partners</a> with supplier diversity organizations like the Women’s Business Enterprise National Council and the National Minority Supplier Development Council.</li><li>State Street&nbsp;has committed to increasing its spending with diverse suppliers over the next three years in order to strengthen Black- and Latinx-owned businesses.</li><li>Wells Fargo&nbsp;aims to spend 15 percent of its procurement budget with diverse suppliers through the bank’s <a href="https://www.wellsfargo.com/about/diversity/supplier-diversity/commitment/">Supplier Diversity program</a>.</li></ul>

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Supporting Diverse Suppliers

Our institutions are committing to partner with diverse vendors and suppliers to support minority and women-owned businesses.

<ul><li>BNY Mellon&nbsp;started the&nbsp;<a href="https://www.bnymellon.com/us/en/about-us/diversity-inclusion.html">IMPACT</a>&nbsp;network to help cultivate a diverse and inclusive workplace by promoting the recruitment, retention, professional development and advancement of multicultural employees.</li><li>JPMorgan Chase&nbsp;has multiple&nbsp;<a href="https://careers.jpmorgan.com/us/en/about-us/diversity">Business Resource Groups</a>&nbsp;(BRGs) that help foster networks of employees and connect women and minority employees with each other to provide mutual support and sharing.</li><li>Morgan Stanley&nbsp;has established an ‘<a href="https://www.morganstanley.com/articles/diversity-hiring-black-banking-professionals">Experienced Professionals Program</a>’ to recruit Black professionals with two or more years of post-graduate or work experience for full-time positions to help expand the talent pool of Black financial professionals.</li><li>State Street&nbsp;helps create a diverse workforce through its&nbsp;<a href="https://www.statestreet.com/values/social-consciousness.html">Global Inclusion program</a>, which offers mentoring, events and performance goals focused on diversity and inclusion, and employee networks.</li></ul>

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Diverse Talent 

Our members recognize that a diversity of talent bolsters competitiveness around the world, helps foster economic opportunity, and leads to better results for consumers, clients, and communities.

We invested more than $11.5 billion in Community Development Financial Institutions since the beginning of 2020. 

Economic Opportunity and Inclusion

CONTACT:&nbsp;Barbara Hagenbaugh(202) 457-8783<a href="mailto:bhagenbaugh@fsforum.com">bhagenbaugh@fsforum.com</a>&nbsp;Washington, D.C.&nbsp;-&nbsp;Financial Services Forum President and CEO Kevin Fromer issued the following statement today regarding the outcome of the 2024 presidential election:“The Forum congratulates President-elect Trump and Vice President-elect Vance along with the newly elected members of the House and Senate who will serve in the 119th Congress. Our member institutions are strong and serve an essential role in supporting the prosperity of businesses and households throughout our economy.&nbsp; The Forum will continue to advocate for policies that advance the goals of consumers, businesses of all sizes and communities across the country.”&nbsp;###&nbsp;The Financial Services Forum is an economic policy and advocacy organization whose members are the eight largest and most diversified financial institutions headquartered in the United States.&nbsp; Forum member institutions are a leading source of lending and investment in the United States and serve&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. &nbsp;Visit our website: <a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter <a href="https://twitter.com/fsforum">@fsforum</a> and <a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>

Financial Services Forum Statement on Election Results

CONTACT:&nbsp;Barbara Hagenbaugh(202) 457-8783bhagenbaugh@fsforum.com&nbsp;Forum Comments on Reconsideration of Capital Regulations“Getting this right is essential for the U.S. economy,” Forum CEO saysWashington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement on U.S. capital requirements following a speech by Federal Reserve Vice Chair for Supervision Michael Barr:“As we have said previously, it is essential that capital regulations avoid unnecessary and harmful impacts across the U.S. economy. The revisions should comprehensively address the concerns that have been raised by a wide range of commenters citing the likely costs on families and businesses of all sizes. The agencies should also provide detailed quantitative analysis and policy justification.“We look forward to reviewing the revisions and participating fully in the public comment process. Getting this right is essential for the U.S. economy.”&nbsp;&nbsp;BackgroundSince 2009, the eight U.S.-based Global Systemically Important Banks have more than tripled their high-quality capital to approximately $940 billion and have acted as a source of support, including during the pandemic and regional banking turmoil last year. The Federal Reserve said large banks were “well positioned to weather a severe recession” in its annual stress test review of capital adequacy <a href="https://www.federalreserve.gov/newsevents/pressreleases/bcreg20240626a.htm">this year</a>.For more information, please review the Forum’s related content on the <a href="https://fsforum.com/issues/issue-GSIB-surcharge">GSIB surcharge</a> and the <a href="https://fsforum.com/issues/issue-basel-3-endgame">Basel III Endgame</a> and the “Americans Can’t Afford” <a href="https://americanscantaffordit.com/">website.</a>&nbsp;###&nbsp;The Financial Services Forum is an economic policy and advocacy organization whose members are the eight largest and most diversified financial institutions headquartered in the United States.&nbsp; Forum member institutions are a leading source of lending and investment in the United States and serve&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. &nbsp;Visit our website: <a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter <a href="https://twitter.com/fsforum">@fsforum</a> and <a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>

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Despite the demonstrated strength of the largest U.S. banks, the Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, on split votes, issued a proposal in July 2023 to increase capital requirements. The proposal offers no reason or justification for material increases in capital requirements and would harm American households, businesses, and the broader economy. 

Given the complexity of the proposal, its many and significant negative impacts, and the lack of evidence in support of its changes, the agencies should repropose the rule and include the motivations, data and analysis that demonstrate the need for proposed changes.

Basel 3 Endgame 

Forum Comments on Reconsideration of Capital Regulations

CONTACT: Brigid Richelieu(202) 660-2569<a href="mailto:brichelieu@fsforum.com">brichelieu@fsforum.com</a>&nbsp;&nbsp;ICYMI: Transparency in Stress Testing “Essential to Achieving a More Effective, Efficient and Resilient Financial System.”&nbsp;There is no compelling public policy rationale to maintain a largely opaque approach to stress testing, Forum chief economist tells lawmakers.&nbsp;Washington, D.C. – Financial Services Forum chief economist Dr. Sean Campbell testified yesterday before the House Financial Institutions and Monetary Policy Subcommittee on the need for greater transparency in the stress testing process. In his testimony, Campbell emphasized that the lack of transparency in the stress testing regime is incongruous with the rest of the large bank capital regime and creates a clear and troubling disconnect in the government’s approach to transparency in bank capital regulation.“Aligning stress tests with the public process afforded other bank regulatory standards would help improve public trust, promote economic stability, and ensure banks can support the economy to their fullest potential,” Campbell told lawmakers.<figure class="media"><oembed url="https://www.youtube.com/watch?v=EXe-k-QvZAo"></oembed></figure>&nbsp;Following are highlights from the hearing:On Opacity in Stress Testing“As is the case for all other risk-based capital requirements, banks need to understand the regulatory rules to which they are subject to make informed decisions,” Campbell said. “Stress testing opacity forces banks to make decisions based on incomplete data and information that hinder banks’ core function of stewarding financial resources to their most productive and efficient use.”On How Increased Transparency Won’t Enable Banks to Game the System“This notion of gaming the stress test is largely a misnomer,” Campbell said. “What banks are doing is they're using the information that they have access to in the risk weights in the context of things like the GSIB capital surcharge, and in principle, in the context of the stress test, to assess the riskiness of the assets on their balance sheet, and then make funding decisions on a relative basis in concert with the other information that they bring to the table in the context of their own risk-management decisions. And the better information that they have access to, the more complete that information, the better risk management decision that they can make.”On the Benefits of Increased Transparency:“Greater transparency on the implementation and the specification of the stress test models themselves, as well as greater transparency on the scenario generation process, would help to foster greater understanding amongst banks, amongst the public, and amongst regulators,” Campbell told lawmakers.&nbsp;For more information on stress testing, please review the Forum’s&nbsp;<a href="https://fsforum.com/a/media/stress-testing-for-the-largest-us-banks.pdf">fact sheet</a>&nbsp;and other related&nbsp;<a href="https://fsforum.com/issues/issue-stress-tests">content</a>.###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&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. &nbsp;Visit our website: <a href="http://www.fsforum.com/">fsforum.com</a>Follow us on Twitter <a href="https://twitter.com/fsforum">@fsforum</a> and <a href="https://www.linkedin.com/company/financial-services-forum/">LinkedIn</a>

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Each year, the Federal Reserve tests the ability of large banks to continue to support the economy even in the face of a severe recession far worse than that experienced during the financial crisis.

Multiple hypothetical stress tests, as well as the real-life stress tests of the pandemic and the 2023 regional banking turmoil, have shown that the largest U.S. banks can – and do – act as a bulwark for the economy and the financial sector.

Stress Tests

ICYMI: Transparency in Stress Testing “Essential to Achieving a More Effective, Efficient and Resilient Financial System.”

CONTACT:&nbsp;Barbara Hagenbaugh(202) 457-8783bhagenbaugh@fsforum.comStress Test Process Needs to Be More Transparent&nbsp;Greater transparency would help improve public trust, promote economic stability, and ensure banks can support the economy to their fullest potential, Forum chief economist tells lawmakers.Washington, D.C. – The Federal Reserve should significantly improve its stress testing process to provide more information about how the tests are conducted and opportunity for public comment given the importance of the stress tests in the allocation of credit in the economy, Financial Services Forum chief economist Dr. Sean Campbell said to lawmakers.Fifteen years after the initial government bank stress tests, the testing process stands as a stark outlier in relation to other parts of the banking regulatory process in terms of transparency, public understanding, and opportunity for input. The Federal Reserve should quickly improve the stress tests to ensure greater accountability, effectiveness and efficiency, Campbell <a href="https://fsforum.com/a/media/forum-dr.-sean-campbell-testifies-on-stress-testing_6.26.24.pdf">said in testimony</a> prepared for the House Financial Institutions and Monetary Policy Subcommittee.“Appropriately calibrated and conducted, the stress tests serve as an important tool to safeguard the safety and soundness of the banking system and our economy,” Campbell said. &nbsp;&nbsp;“Regulatory transparency ensures that the public can understand how their public institutions operate in the light of day and allows the public to assess the impact of regulation on affected entities and the broader economy,” he said. “Banking regulations that are opaque frustrate prudent risk management and create costly regulatory uncertainty that has deleterious effects on the whole economy.”The hearing is <a href="https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=409298">scheduled</a> for 2 p.m. on Wednesday, June 26th.&nbsp;In one example, Campbell analogizes information provided by the Federal Reserve regarding a part of its stress testing model: “The descriptions effectively describe a lemon chiffon cake as consisting of some flour, some eggs, some sugar and some butter and flavorings – the ingredients in most any cake. Overall, the descriptions are not sufficient to allow for a critical examination of their specification or to assess their impact.”In his written testimony, Campbell offered several suggestions for improvement:<ul><li>The Fed should take steps to foster public engagement on the development of hypothetical scenarios so regulators can gain insight into salient risks from a diverse set of viewpoints</li><li>The agency should utilize the usual notice-and-comment process for stress test modeling</li><li>The stress testing process should be subject to a rigorous, external review with public findings to instill further confidence in the validity and robustness of the stress testing regime.</li></ul>For more information on stress testing, please review the Forum’s <a href="https://fsforum.com/a/media/stress-testing-for-the-largest-us-banks.pdf">fact sheet</a> and other related <a href="https://fsforum.com/issues/issue-stress-tests">content</a>.&nbsp;###&nbsp;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.&nbsp; Forum member institutions are a leading source of lending and investment in the United States and serve&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. Visit our website: <a href="http://www.fsforum.com/">fsforum.com</a>Follow us on <a href="https://www.threads.net/@finservforum">Threads</a>&nbsp;and&nbsp;<a href="https://www.instagram.com/finservforum/">Instagram</a>

Stress Test Process Needs to Be More Transparent

CONTACT:&nbsp;Barbara Hagenbaugh(202) 457-8783<a href="mailto:bhagenbaugh@fsforum.com">bhagenbaugh@fsforum.com</a>&nbsp;Stress Tests Underscore Capital Strength of Nation’s Largest Banks&nbsp;“The results affirm that the additional capital requirements in the Basel III Endgame proposal are not justified,” Forum CEO says.Washington, D.C. – Financial Services Forum President and CEO Kevin Fromer issued the following statement today in response to the Federal Reserve Board’s 2024 stress test results:“Today’s stress test results confirm that the largest U.S. banks are highly capitalized and would remain capable of supporting the economy in the face of a severe economic downturn.“The results affirm that the additional capital requirements in the Basel III Endgame proposal are not justified. As stated numerous times by regulators, the nation’s largest banks are well capitalized and are a strong source of support to households and businesses, including during times of stress.“Increasing capital is not free. Policymakers across the political spectrum, along with <a href="https://www.lw.com/admin/upload/SiteAttachments/comments-basel-III-endgame-proposal.pdf">hundreds</a> of policy experts, state governments, civil rights organizations, and others have warned that the Basel III Endgame proposal will make <a href="https://www.uschamber.com/assets/documents/20231113-US-Chamber-Coalition-Letter-on-Basel-III-Federal-Reserve.pdf">financing more expensive and raise costs</a> for American consumers and businesses of all sizes. Additional costs without clear benefits simply equate to an unnecessary tax on individuals and businesses.”&nbsp;Additional Background:The 2024 stress tests continue the highly rigorous and dynamic conditions applied to the largest banks in the United States. Since 2010, the eight U.S.-based Global Systemically Important Banks have more than tripled their Common Equity Tier 1 capital, the most loss-absorbing capital that acts as a buffer against losses, to $940 billion. This strength positioned them during the real-life stress tests of the pandemic and the 2023 regional banking turmoil to support American households and businesses across the country.Numerous government reports, including recent financial stability and supervision reports from the Federal Reserve, have underscored the strength and resiliency of the U.S. banking sector. The Federal Reserve started out its <a href="https://www.federalreserve.gov/publications/files/202405-supervision-and-regulation-report.pdf">latest Regulation and Supervision Report</a> by saying, “The banking system remains sound and resilient.”A broad array of stakeholders have raised significant concerns about the Basel III Endgame proposal. These concerns include <a href="https://www.uschamber.com/assets/documents/20231113-US-Chamber-Coalition-Letter-on-Basel-III-Federal-Reserve.pdf">higher costs and reduced access for borrowing</a>, <a href="https://www.federalreserve.gov/SECRS/2024/February/20240220/R-1813/R-1813_011624_156768_482040358483_1.pdf">higher costs for states and communities building roads or improving schools</a>, <a href="https://livearticles.net/arizent/2468598.html">greater financial stability risks if regulation accelerates the movement of lending and services to non-banks</a>, <a href="https://www.federalreserve.gov/SECRS/2024/January/20240112/R-1813/R-1813_122123_156402_333080628246_1.pdf">unlevel competition for U.S. companies selling into overseas markets</a>, and more.The&nbsp;<a href="https://www.urban.org/sites/default/files/2023-09/Bank%20Capital%20Notice%20of%20Proposed%20Rulemaking.pdf">Urban Institute</a>,&nbsp;<a href="https://nhc.org/wp-content/uploads/2023/07/Housing-Groups-Letter-re-Bank-Capital-7.25.23.pdf">the National Housing Conference, the National Urban League, the NAACP, the Mortgage Bankers Association, and others</a> have warned that the proposal would negatively impact housing finance and homeownership, particularly for low- and moderate-income borrowers and communities as well as Black and Hispanic borrowers. The American Public Gas Association stated in its <a href="https://www.federalreserve.gov/SECRS/2024/January/20240117/R-1813/R-1814_011624_156769_463752421310_1.pdf">comment letter</a> that the proposed rule would “burden consumers with higher utility bills due to the costs of upstream regulatory compliance obligations.”Organizations including the National Association of Manufacturers, the American Farm Bureau Federation, CalPERs, the American Benefits Council, the Business Roundtable, the American Public Gas Association, all submitted <a href="https://www.fdic.gov/resources/regulations/federal-register-publications/2023/2023-regulatory-capital-rule-large-banking-organizations-3064-af29.html">comments</a> opposed to the rulemaking, highlighting significant concerns with the downstream impacts to their respective industries and customers if the proposal were to be finalized in its current form. A <a href="https://epsa.org/wp-content/uploads/2024/01/Coalition-for-Derivatives-End-Users-Letter-re_-Basel-III-Proposed-2024.01.16-signatories.pdf">letter</a> signed by more than 100 companies, including AT&amp;T, Hilton, Hertz, IBM, Marriott, PayPal, Southwest Airlines, Siemens USA, Volvo, Warner Bros. Discovery, Whirlpool and Yum Brands, urged regulators to reconsider the rulemaking given the impacts to consumers and economic stability.Former Federal Reserve Board Governor Randall Kroszner expressed in a recently published <a href="https://www.federalreserve.gov/SECRS/2024/February/20240209/R-1813/R-1813_020724_158313_294423925299_1.pdf">white paper</a> that higher capital requirements would increase banks’ funding costs not only for trading activities but for credit provision, lending, and other financial services.Policymakers from both parties have also expressed concerns with the proposal’s changes. For example, 59 Democratic members of Congress signed a <a href="https://www.fdic.gov/resources/regulations/federal-register-publications/2023/2023-regulatory-capital-rule-large-banking-organizations-3064-af29-c-286.pdf">letter</a> in opposition to the new charges for operational risk and a House Financial Services Committee bipartisan <a href="https://center-forward.org/wp-content/uploads/2024/01/hfsc-members-basel-letter-jan-16.pdf">letter</a> voiced concern with the “cumulative consequences of the proposed capital rule on capital markets” among other key activities like “underwriting, derivative hedging, securitization.”&nbsp;Click <a href="https://fsforum.com/a/media/what-they%E2%80%99re-saying--policymakers-on-capital-levels-and-the-largest-banks.pdf">here</a> to learn more about what policymakers, experts, and officials are saying about the capital levels of the nation’s largest banks.&nbsp;###&nbsp;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.&nbsp; Forum member institutions are a leading source of lending and investment in the United States and serve&nbsp;millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. Visit our website: <a href="http://www.fsforum.com/">fsforum.com</a>Follow us on <a href="https://www.threads.net/@finservforum">Threads</a>&nbsp;and&nbsp;<a href="https://www.instagram.com/finservforum/">Instagram</a>

Stress Tests Underscore Capital Strength of Nation’s Largest Banks 

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State Street Corporation

Ron is chairman and chief executive officer of State Street Corporation. He is also a member of State Street Corporation’s Board of Directors. Ron was previously president and chief operating officer of State Street Corporation, and before that president and chief executive officer of State Street Global Advisors, the investment management arm of State Street Corporation. He joined State Street in 2015. Prior to State Street, Ron was president of Asset Management &amp; Corporate Services for Fidelity Investments, responsible for all Fidelity asset management organizations and Fidelity’s corporate functions and enterprise technology. He served at Fidelity from 2010 to 2014. Prior to joining Fidelity, Ron served as president and chief executive officer of BNY Mellon Asset Management in Boston, a position to which he was named in 2007. During this time, he also served as vice chairman of Bank of New York Mellon Corporation and was a member of its Executive Committee. Additionally, Ron oversaw all of Bank of New York Mellon’s activities in Asia. Prior to the 2007 merger of Bank of New York and Mellon, he was vice chairman of Mellon Financial Corporation and president and chief executive officer of Mellon Asset Management. He served at Mellon and Bank of New York Mellon from 1997 to 2010. Prior to Mellon, Ron was with McKinsey &amp; Company, Inc., from 1986 to 1997 and was elected a partner in 1992. He founded the Investment Management practice worldwide and was co-founder and co-leader of the firm’s North American Personal Financial Services practice. Additionally, he was a member of the Worldwide Property &amp; Casualty Insurance practice. During his tenure with McKinsey, Ron served in the firm’s Boston, New York, and Stockholm offices. Ron received his Bachelor of Arts degree in political science from Syracuse University in 1980 and his Master of Business Administration from Harvard Business School in 1986. Ron serves on the boards of Unum Corp. and Rhode Island Commerce Corporation. He also serves on the boards of Beth Israel Lahey Health, The Boston Foundation, IYRS School of Technology and Trades, Syracuse University and WBUR. Ron’s philanthropic and civic interests include corporate governance, retirement/healthcare policy and funding, education, and climate. He has led several initiatives on gender equality. Ron is a frequent speaker and writer, and an avid offshore sailboat racer.

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Ronald O'Hanley

State Street Corporation Chairman And Chief Executive Officer, Forum Chair

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Citigroup

Jane Fraser is the Chief Executive Officer of Citi, the world's most global bank, serving millions of consumers, businesses and institutions across 160 countries and jurisdictions. She is the first female CEO in the firm’s history. Jane has deep experience across Citi’s consumer and institutional businesses and, in many ways, she helped shape Citi into the company it is today. Before becoming CEO in February 2021, she was President of Citi and CEO of the Global Consumer Bank, responsible for all of Citi’s Consumer businesses, including Retail Banking and Wealth Management, Credit Cards, Mortgage and Operations and Technology in 19 markets. Before that, she was the Chief Executive Officer of Citigroup Latin America from 2015 to 2019. From 2013 to 2015, she was the Chief Executive Officer of the U.S. Consumer and Commercial Banking and CitiMortgage. From 2009 to 2013, Jane served as the Chief Executive Officer of Citi's Global Private Bank. Prior, Jane was the Global Head of Strategy and Mergers &amp; Acquisitions for Citi from 2007 to 2009. She joined Citi in 2004 in the Corporate and Investment Banking division. Before joining Citi, Jane was a Partner at McKinsey &amp; Company. She started her career at Goldman Sachs in the Mergers &amp; Acquisitions department in London and then worked for Asesores Bursátiles in Madrid, Spain. Jane serves as a Board Member for the Business Roundtable and the Council on Foreign Relations. She is Vice Chair for the Partnership for New York City and a member of Harvard Business School’s Board of Dean’s Advisors, the Stanford Global Advisory Board and the Economic Club of New York. Jane has an M.B.A. from Harvard Business School and an M.A. in economics from Cambridge University. She is married with two children.

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Jane Fraser

Citigroup Chief Executive Officer, Forum Vice Chair

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Bank Of America

Brian Moynihan leads a team of more than 200,000 employees dedicated to making financial lives better for people, companies of every size, and institutional investors across the United States and around the world. Bank of America is recognized as a top employer by Working Mother magazine and Military Times. The company is also listed on Fortune magazine’s list of the Best Workplaces for Diversity and the Best Workplaces for Parents. It was also named one of the Best Places to Work for Disability Inclusion by the U.S. Business Leadership Network and the American Association of People with Disabilities. In 2018, Euromoney recognized Bank of America as the World’s Best Bank and the World’s Best Bank for Diversity and Inclusion, as part of their annual Global Awards for Excellence. Bank of America was also named the 2019 Catalyst Award winner, honored for supporting the continued development, empowerment and advancement of women in the company and around the world. Moynihan participates in several organizations that focus on economic and market trends, including the World Economic Forum International Business Council, the Financial Services Forum, the Bank Policy Institute (chair), the Business Roundtable, and the American Heart Association CEO Roundtable (co-chair). He is also a member of the Federal Advisory Council of the Federal Reserve Board. Moynihan leads the company’s Global Diversity and Inclusion Council and is a member of the museum council for the Smithsonian’s National Museum of African American History and Culture. Moynihan is also a member of the Brown University Corporation’s Board of Fellows and the Congressional Medal of Honor Foundation Board.

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Brian Moynihan

Bank Of America Chairman Of The Board And Chief Executive Officer

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BNY 

Robin Vince is President and Chief Executive Officer of BNY and a member of its Board of Directors. Previously, he was Vice Chair of BNY and CEO of Global Market Infrastructure. In that role, he oversaw BNY’s Clearance and Collateral Management, Treasury Services, Markets and Execution Services and Pershing businesses. Prior to joining BNY in October 2020, Robin was the Chief Risk Officer of Goldman Sachs and a member of the Management Committee. He joined Goldman Sachs in 1994 and held many leadership roles, including Treasurer, Head of Operations, Head of Global Money Markets, COO of the EMEA region and CEO of Goldman Sachs International Bank, among others. He served on several key subsidiary boards and governance committees. He was named managing director in 2002 and partner in 2006. Robin is a member of National Geographic Society's Hubbard Council and serves on the Board of Advisors of The Hospital for Special Surgery.

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Robin Vince 

BNY Chief Executive Officer 

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The Goldman Sachs Group, Inc.

David Solomon is Chairman and Chief Executive Officer and a member of the Board of Directors of The Goldman Sachs Group, Inc. Previously, he was President and Chief Operating Officer and prior to that, he served as Co-Head of the Investment Banking Division from 2006 to 2016. Before that, Mr. Solomon was Global Head of the Financing Group, which includes all capital markets and derivative products for the firm’s corporate clients. He joined Goldman Sachs as a Partner in 1999. Mr. Solomon is a member of the Board of Trustees of Hamilton College and serves on the board of The Robin Hood Foundation.

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David Solomon

The Goldman Sachs Group, Inc. Chairman and Chief Executive Officer

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JPMorganChase 

Jamie Dimon is Chairman of the Board and Chief Executive Officer of JPMorganChase, a global financial services firm with assets of $2.5 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers, small business, commercial banking, financial transaction processing and asset management. Dimon became CEO on January 1, 2006 and one year later also became Chairman of the Board. He was named President and Chief Operating Officer upon the company’s merger with Bank One Corporation on July 1, 2004. Dimon joined Bank One as Chairman and CEO in 2000. Dimon began his career at American Express Company. Next, he served as Chief Financial Officer and then President at Commercial Credit, which made numerous acquisitions and divestitures, including acquiring Primerica Corporation in 1987 and The Travelers Corporation in 1993. Dimon served as President and Chief Operating Officer of Travelers from 1990 through 1998 while concurrently serving as Chief Operating Officer of its Smith Barney Inc. subsidiary before becoming co-Chairman and Co-CEO of the combined brokerage following the 1997 merger of Smith Barney and Salomon Brothers. In 1998, Dimon was named President of Citigroup Inc., the global financial services company formed by the combination of Travelers Group and Citicorp. Dimon earned his bachelors degree from Tufts University and holds an MBA from Harvard Business School. He serves on the boards of directors of a number of non-profit institutions including the Clearing House and Harvard Business School. Additionally, he is the Chairman of the Business Roundtable and serves on the executive committee of the Business Council and the Partnership for New York City, and is a member of the Financial Services Forum, Financial Services Roundtable and Council on Foreign Relations.

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Jamie Dimon

JPMorganChase Chairman And Chief Executive Officer

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Morgan Stanley

Edward (Ted) Pick is the Chief Executive Officer of Morgan Stanley.Before becoming CEO in 2024, Mr. Pick served as Morgan Stanley's Co-President, Co-Head of Firm Strategy and Head of the Institutional Securities Group, overseeing Investment Banking, Equities, Fixed Income, Global Capital Markets and Research.&nbsp;In previous roles, Mr. Pick was Global Head of Sales and Trading, engineering a turnaround of the firm’s Fixed Income Division. As Head of Institutional Equities, he led that business to a leading global position. He also served as Head of Equity Capital Markets, helping the firm actively raise capital during the financial crisis.&nbsp;Mr. Pick joined Morgan Stanley in 1990 and was promoted to Managing Director in 2002. He is a member of the firm’s Board of Directors (2024), Operating Committee (2012), Management Committee (2008) and Morgan Stanley-MUFG Steering Committee (2013).Mr. Pick graduated Phi Beta Kappa from Middlebury College (1990) and received an MBA from Harvard Business School (1994). He is a Trustee at the Metropolitan Museum of Art (2018), and serves on the MET’s Nominating &amp; Governance Committees. Mr. Pick is Chair of the Advisory Board for the Morgan Stanley Alliance for Children’s Mental Health and a board member of the Institute of International Finance.

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Ted Pick

Morgan Stanley Chief Executive Officer

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Wells Fargo & Company

Charles W. Scharf is chief executive officer and president, and a member of the Board of Directors of Wells Fargo &amp; Company. A financial services veteran with 24 years of experience in leadership roles in the banking and payments industries, Charlie served as chief executive officer of Bank of New York Mellon from July 2017 to October 2019 and the chairman of its board from January 2018 to October 2018. He also was chief executive officer and a director of Visa Inc. from October 2012 to December 2016. During his tenure at Bank of New York Mellon, Charlie demonstrated a strong track record in initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape. As the CEO of Visa, Charlie transformed the firm into a technology-driven digital commerce company by partnering with the world’s leading technology companies to drive new payment experiences and introduce new technologies to improve payment system security. Previously, he was a managing director of One Equity Partners at JPMorgan Chase &amp; Co. and chief executive officer of Retail Financial Services at JPMorgan Chase. He also was chief executive officer of the retail division of Bank One Corp., chief financial officer of Bank One Corp., chief financial officer of the Global Corporate and Investment Bank division of Citigroup, and chief financial officer of Salomon Smith Barney and its predecessor company. Charlie earned a Bachelor of Arts degree from Johns Hopkins University and an MBA from New York University. He is a director of Microsoft Corporation, serves on the board of trustees of Johns Hopkins University, is a member of The Business Council, and is chairman of the New York City Ballet. He lives in New York City.&nbsp;

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