at the center of banking since 1853 SM

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1 at the center of banking since 1853 SM

2 The Clearing House: The oldest banking association and payments company in the United States. Originally established in 1853 to bring order to clearing and settling between banks, today thousands of financial institutions around the world rely on The Clearing House to clear and settle more than $2 trillion each day nearly half the U.S. volume in ACH, wire, and check image payments. The Clearing House is owned by the world s largest commercial banks, which collectively employ more than two million people and hold more than half of all U.S. deposits. The Clearing House serves as the gathering place for bank leaders to chart the course of America s financial industry. Long before the Federal Reserve was formed in 1913, The Clearing House facilitated the exchange of payments between banks and functioned as a quasi-central bank, setting monetary policy, and even issuing a form of currency. The Clearing House also stored vaults of gold to back settlements and later served as the Fed s gold repository in New York. With this depth and experience, The Clearing House also serves as a technically substantive resource on issues critical to our members: safety, soundness, risk mitigation, and other complex policy challenges.

3 ADVOCAcy: Addressing issues in an independent, measured, intellectually rigorous, and non-partisan way. The Clearing House Association, a not-for-profit business league, advocates on a host of issues pertaining to bank regulation, bank finance, and payments through regulatory comment letters, amicus briefs, and white papers. The owner-bank-driven agenda addresses issues relevant to systemically-important commercial banks through legal, financial, accounting, tax, compliance, government affairs, regulatory, and other committees. Some of the core issues include: capital and liquidity requirements, bank governance, payments, FDIC assessments, preemption, single counterparty credit limits, resolution planning, living wills, housing finance, debit-interchange, cyber security, remittance transfers, credit ratings, the Volcker Rule, and the underbanked.

4 KNOWLEDGE: Providing the platform and expertise to address issues impacting the dynamic commercial banking and payments landscape. Resource With thoughtful, data-driven research and access to key leadership within the commercial banks, The Clearing House stands as a ready resource for regulators and policymakers seeking analysis regarding the impact of policies on banks and banking customers. Academic Advisory Council The Clearing House s Academic Advisory Council is composed of leading scholars from top-tier academic institutions, as well as chief economists and other similar professionals at our owner banks. The Council serves as a helpful conduit to the academic community to help inform our research initiatives and events and conference agenda. Research As a part of our ongoing efforts to establish thought leadership and serve as an honest broker on issues of importance to the commercial banking industry, The Clearing House is committed to providing technical, substantive data to regulators and policymakers. Our research department and subject matter experts aim to produce studies and research papers that provide sound, thoughtful input on the regulatory and rulemaking process.

5 The Clearing House has produced major research in the areas of optimal bank capital and bank liquidity levels, including the impact of new requirements on the financial system and the broader economy. We also sponsored Project Compas, a comprehensive payments study exploring existing volumes, patterns, and potential developments. Publications The Clearing House s Action Line newsletter informs members of critical developments on the regulatory, legislative, judicial, and academic fronts and details our advocacy efforts on these issues. The Clearing House also produces a weekly Banking Brief which is distributed to Congressional staff and provides issue updates to policymakers that are timely, accessible, and technically-focused. Conferences Each year The Clearing House hosts dozens of events for our members, regulators, and academics on a wide array of commercial banking issues. Our capstone Annual Business Meeting & Conference takes place each fall and brings together policymakers, regulators, and industry leaders to discuss and analyze the pressing issues facing the banking and payments systems. Speakers have included Martin Gruenberg, Daniel Tarullo, Larry Kudlow, and Harold Ford, Jr. Website The Clearing House website, theclearinghouse.org, is an in-depth resource for issues, information, analysis, and upcoming events. Training The Clearing House has expert trainers presenting more than 30 standard courses and customized training on payments and other topics.

6 INNOVATION: Industrial-strength payment systems and new capabilities with banks at the center of payments. Core products The Clearing House Payments Company operates industrial-strength payment systems at the core of the banking industry. We are the largest private-sector payments company, operating critically important payment products such as wire (CHIPS), ACH, and check image exchange. Safety, soundness, reliability, and excellent customer service underpin these core products. New Concepts in Development The payments industry is rapidly evolving with new players, new products, and expanding customer expectations. But the one constant in innovation for nearly 160 years has been The Clearing House. We continue to work with banks to create new capabilities that provide an improved experience for customers with the same safety and soundness principles that have always underpinned our core systems. Our place at the center of payments, our reach, and the considerable volume generated by our owner banks are the critical success factors for innovative capabilities that require ubiquity for mass adoption. We continue to expand our directory services functionality creating capabilities that are building blocks for future innovations in medical payments, electronic bill presentment, business-to-business, and mobile payments. Since its first check exchange in 1853, The Clearing House has been leading innovation in the payments industry.

7 Leadership: The banks that make up The Clearing House truly are The Clearing House. The Clearing House is owned by the world s largest commercial banks, which collectively employ more than two million people and hold more than half of all U.S. deposits. Bank CEOs comprise the Board, senior bank executives guide the business, and hundreds of subject matter experts are actively engaged in addressing issues of importance to commercial banks and their customers. The Clearing House s internal experts facilitate the dialogue and advance payment systems innovation with the bank members and customers. Our deep, long-standing relationships across the regulatory, legislative, legal, and law-enforcement environments lend credibility to influence the rulemaking and standard-setting process while our role operating industrial-strength systems at the core of the banking industry provides a unique opportunity for future development on behalf of the banking industry.

8 Contact information For more information about The Clearing House, visit theclearinghouse.org. 450 West 33rd Street New York, NY 10001