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The Clearing House Association launched an ambitious war-game scenario last week to determine whether the FDIC could successfully resolve the failure of a large banking company.
November 14
The Clearing House has named the top executives of two of the nation's biggest banks to lead its supervisory board in the coming year.
The payments company and banking association said Friday that Richard Davis, chief executive of U.S. Bancorp (USB), will serve as the board's chairman, while Brian Moynihan, chief executive of Bank of America (BCA), will serve as vice chairman.
Davis, who served as vice chairman for 2012, succeeds former Citigroup chief executive Vikram Pandit.
"We are excited about our new leadership team at The Clearing House," James Aramanda, The Clearing House's chief executive, said in a news release. "Both Richard and Brian are world-class leaders of two of America's most important financial institutions."
"Since 1853, The Clearing House has been consistent and unfailing in its role of providing a nonpartisan forum for prudent banking policy and serving as an innovator in the world of payments," Davis added in a news release. "I am looking forward to the opportunity to further this legacy, particularly during this dynamic time for our industry."
The Clearing House, which is owned by 18 of the world's largest commercial banks, also announced that James Strother, general counsel of Wells Fargo (WFC), will serve as chairman of The Clearing House Association's board, while John Finneran, Jr., general counsel of Capital One Financial (COF), will become vice chairman.
Mitch Christensen, head of innovation and payment strategy at Wells Fargo, will serve as chairman of the board of The Clearing House Payments Company, while Lester Owen, global head of operations at JPMorgan Chase, will be vice chairman.
