Bank Policy Institute

The Bank Policy Institute (BPI) is an American public policy, research, and advocacy organization, based in Washington, D.C.

Bank Policy Institute
AbbreviationBPI
Established1912
TypeIndustry trade group
36-0753125
Legal status501(c)(6)
Location
  • Washington, DC
Chairman
Jamie Dimon
President and CEO
Greg Baer
Revenue (2019)
$29,899,102
Websitebpi.com

The organization was formed in July 2018 following the merger of the Financial Services Roundtable [1] and the Clearing House Association.[2] BPI’s members include 42 banking institutions representing universal banks, regional banks, and foreign banks doing business in the United States. The current CEO is Greg Baer, a former litigator, corporate executive and public official who served as Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury during the Clinton administration and as Managing Senior Counsel for the Federal Reserve Board of Governors.

History

The Association of Reserve City Bankers was formed in 1912 with 102 charter members[3] and, in 1958, the Association of Registered Bank Holding Companies was formed due to the Bank Holding Company Act of 1956. In 1993, these two entities merged to form the Bankers Roundtable.[4] The name of the organization was changed to the Financial Services Roundtable in 2000 to reflect a decision to broaden the organization's mission to include integrated financial service providers.[5][6] In July 2018, Financial Services Roundtable merged with the Clearing House Association to form the Bank Policy Institute.[7]

Divisions

BITS (Business-Innovation-Technology-Security — formerly named the Business Industry Technology Secretariat)[8][9] formed as a division within the then-Bankers Roundtable in 1996.[10] Its mission was to enhance collaboration across the industry on technological issues and address "emerging threats and opportunities,” including cybersecurity, fraud reduction, and critical infrastructure protection.[11]

Leadership

The organization’s board of directors is chaired by JPMorgan Chase & Co. Chairman of the Board and Chief Executive Officer Jamie Dimon and is composed of the following financial services executives:

Official Mission, Policy Issues and Connections

Official Mission

The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks. BPI’s members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ nearly 2 million Americans, make nearly half of the nation’s bank-originated small business loans and are an engine for financial innovation and economic growth.

Policy Issues, Positions

According to its official website, the group focuses on financial services legislation and regulation. Such issues include:

  • Accounting standards/FASB
  • Anti-money laundering, bank secrecy act and sanctions.
  • Bank conditions and credit availability
  • Board governance
  • Consumer affairs
  • Cybersecurity, technology and data protection
  • Digital assets
  • Diversity and inclusion
  • Dodd-Frank Act implementation
  • Fintech and innovation
  • Monetary policy
  • Prudential regulations, including bank capital and liquidity
  • Resolution and recovery planning
  • Supervision and enforcement

Members

BPI has approximately 42 members. Member companies include:[12]

Major Initiatives

BPI was a vocal advocate for reforms to beneficial ownership requirements that would require the U.S. Department of Treasury Financial Crimes Enforcement Network to collect information from companies at the time of incorporation to determine who owns or has a financial interest in the company. The organization argued that this would help by making it harder for illicit actors to launder money through the U.S. economy.

A legislative fix, supported by BPI, passed in 2020 as a provision of the annual defense spending bill known as the National Defense Authorization Act.[13]

See also

References
  1. Haggerty, Neil (2018-07-16). "Merged bank trade group unveils new name". American Banker. Retrieved 2019-03-28.
  2. Lane, Ben. "Big bank influence grows: The Clearing House Association merging with Financial Services Roundtable". www.housingwire.com. Retrieved 2019-03-28.
  3. { "History of the Roundtable". Financial Services Roundtable. Archived from the original on April 27, 2013. Retrieved 2019-03-23.}
  4. "History of the Roundtable". Financial Services Roundtable. Archived from the original on April 27, 2013. Retrieved 2019-03-23.
  5. "The Financial Services Roundtable". Nndb.com. Retrieved 2012-06-15.
  6. "Financial Services Roundtable - History of the Roundtable". Fsround.org. Retrieved 2012-06-15.
  7. Clozel, Lalita. "Big Banks Reshape Lobbying Game". The Wall Street Journal. Retrieved 16 November 2018.
  8. "First Union CEO Elected Chairman of BITS". American Banker. 1998-04-08. Retrieved 2023-04-21.
  9. "Payments Systems — Getting Ready for the 21st Century - Federal Reserve Bank of Chicago". www.chicagofed.org. Retrieved 2023-04-21.
  10. "Acting Chief Is Named for Banking Technology Secretariat". American Banker. 1996-10-16. Retrieved 2023-04-21.
  11. "BITS - About Us". 2012-06-18. Archived from the original on 2012-06-18. Retrieved 2023-04-21.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  12. "Lobbying Spending Database - Financial Services Roundtable, 1998". OpenSecrets. Retrieved 2012-06-15
  13. "H.R.6395 - William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021". Congress.gov.
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