Roundtable Roundup is FSR’s public-facing newsletter featuring the latest insights on financial services issues on Capitol Hill, action in the Dodd Frank regulatory space and updates on FSR events.
FSR’S 2016 CORPORATE SOCIAL RESPONSIBILITY LEADERSHIP AWARDS
Last week, FSR awarded 21 financial services companies with its “FSR Corporate Social Responsibility Leadership Award” for their leadership and dedication to improving their communities and efforts to expand financial literacy in America. “FSR member companies gave back in a big way in 2015, donating more than $1.1 billion and volunteering close to 8 million hours, while completing 632,631 CSR projects and 51,965 financial literacy projects. These companies are shining examples of the good work the financial services industry is doing to serve our communities,” said FSR’s Vice President of Corporate Social Responsibility Judy Chapa. Read more about FSR’s commitment to corporate social responsibility in our latest blog post.
FSR ON BREXIT OUTCOME
FSR released a statement this morning on Britain’s referendum to leave the European Union: “Brexit is a significant development that takes the U.K. and markets into uncharted waters. Since markets don’t like uncertainty, market volatility could prevail for a while but the U.S. financial system has taken major steps to prepare for and navigate through new challenges and it is well-positioned to continue to serve and help customers,” said FSR CEO Tim Pawlenty. “Individual investors should seek the advice of professional investment advisors as they contemplate the implications of these events.”
FINANCIAL LITERACY AND FINANCIAL INCLUSION
FSR’s Presidential Focus Series continued last week as we pushed the candidates to focus on financial literacy and financial inclusion. FSR sat down with Financial and Economic Literacy Caucus Co-Chair Rep. Steve Stivers (R-OH), as well as Congresswoman Terri Sewell (D-AL) and Congresswoman Joyce Beatty (D-OH). We also received a guest blog from the Center for Financial Services Innovation on technology and consumers’ financial health. “We believe that the marketplace will benefit from a range of banks and fintech companies, start-ups and incumbents, direct-service providers and partners all playing important roles in developing and delivering innovations that are consumer-centric. Innovations can help consumers spend, save, borrow, and plan safely and effectively, enabling them to manage their day-to-day finances, weather financial shocks, and providing them with longer-run financial opportunities,” wrote CFSI’s Jeanne Hogarth.
FSR CALLS ON PRESIDENTIAL CANDIDATES TO RELEASE PLANS ON REGULATORY TRANSPARENCY AND MODERNIZATION
This week, FSR called on the presidential candidates to detail their plans on how they will increase transparency, modernize, and better coordinate the financial regulatory process. “As technology advances, the federal government should look at how regulatory changes could improve access to credit for qualified buyers, increase financial inclusion, and provide better direction to financial institutions,” said FSR Executive Director Eric Hoplin. “We call on the presidential candidates to lay out their plans on how they will make the federal government more transparent while modernizing our existing laws to increase innovation and better serve and protect consumers.” We released 10 questions the candidates should answer on financial regulation coordination and transparency, the SIFI designation process, and cybersecurity. FSR’s Director & Counsel of Regulatory Affairs, Robert Hatch, also penned a blog on the importance of a regulatory system structured for the 21st century. “By considering the topic of regulatory modernization, the country’s next administration can help ensure that the U.S. keeps its role as a world leader in economic growth and development,”mHatch wrote.
FSR: TO BENEFIT CONSUMERS, MARKETPLACE SHOULD DETERMINE INTERCHANGE FEES
Following the introduction of H.R. 5465, sponsored by Rep. Randy Neugebauer (R-TX) that would repeal the debit interchange price controls put in place by the so-called “Durbin Amendment” to the Dodd-Frank Act, FSR urged Congress to repeal the Durbin Amendment. “The Durbin Amendment is a textbook example of how the government picking industry winners and losers can end up harming consumers. Congress was sold a false promise of lower retail prices, which never happened. This piece of legislation would undo a failed experiment in government price controls and allow everyone in the payments system to get back to further innovating and serving their customers,” said FSR’s Vice President of Government Affairs for Payments, Jason Kratovil.
FSR HOSTS WORLD ELDER ABUSE AWARENESS DISCUSSION
On World Elder Abuse Awareness Day (June 15th), FSR was joined by representatives from Allianz, Ameriprise, and the Consumer Financial Protection Bureau for a panel discussion to raise awareness on keeping seniors safe from financial fraud. Missed it? Check out the panel discussion and additional resources. FSR’s Vice President of Government Affairs for Investment Management, Jill Hoffman, also penned a blog on the work being done to protect vulnerable seniors and why Congress must pass the Senior$afe Act.
SEVEN COMPANIES JOIN ‘SAVE 10′ INITIATIVE TO HELP WORKERS SAVE
FSR recently announced the addition of seven companies to the Save 10 coalition, a business to business, peer to peer effort encouraging responsible employers to help their employees better prepare for a secure retirement by enabling them to save 10 percent of their income. 96 companies, covering more than 1.8 million workers, have certified as Save 10 employers. FSR and United Technologies hosted an event in Hartford, Conn., featuring Rep. John Larson (D-CT), to recognize employers in the region who are already doing the right thing. The new companies to join the Save 10 coalition include: Eversource Energy, Halls Fast Motor Freight, MetroHartford Alliance, Northeast Controls, Pinnacle Foods Group, Steuben Trust Company, and The Eastern Company.
FSR MEDIA BUZZ
Inside Cybersecurity: Financial group probes presidential candidates’ views on cyber
Dodd-Frank Update: Neugebauer bill aims to repeal Durbin Amendment
FSR Women in Finance Series: Capital One’s Ellen Marshall