Law and regulation

Pandit to Serve as Clearing House Chair

By Kate Davidson

Published September 22, 2011, 10:40 a.m. EDT

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Updated September 22, 2011, 9:40 a.m. EDT

1 Min Read

WASHINGTON — Citigroup CEO Vikram Pandit has been named incoming chairman of The Clearing House Supervisory Board for 2012.

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The trade group announced Thursday that Pandit, who has served as Citi's chief executive since December 2007, will lead the board beginning Jan. 1. He succeeds John Stumpf, the president, chairman and CEO of Wells Fargo.

James Aramanda, The Clearing House president and CEO, said in a press release that Pandit's commercial banking expertise will be critical as the group's members continue to deal with unprecedented changes in the financial services industry.

"The Clearing House has long been regarded as an independent, measured and substantive voice for intelligent banking policy and also as a leader for payments innovation," Pandit said in a press release. "I look forward to working with The Clearing House to continue to build on its strong legacy of banking advocacy and payments leadership."

Richard K. Davis, the president and chief executive of U.S. Bancorp, will serve as the board's vice chairman.

Kate Davidson is a reporter in American Banker's Washington bureau, where she covers the Treasury Department, Consumer Financial Protection Bureau... Read full bio

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Law and regulation

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