2019 TCH + BPI Annual Conference Transcripts

2019 TCH + BPI Annual Conference Transcripts

From November 19 to November 21, 2019, BPI and The Clearing House hosted the TCH + BPI 2019 Annual Conference. The conference featured participation and remarks by executives, regulators, policymakers, and academics on topics related to the changing regulatory landscape and the future of payments. To access transcripts from the conference’s regulatory track, click on the name of the session title below. To watch the recorded main stage sessions, please click here.

Main Stage Session Transcripts:

Conference Opening Dinner ft. U.S. Diplomat Ryan Crocker

Welcome Remarks and Introduction: James D. Aramanda, President and Chief Executive Officer, The Clearing House
Featured Speaker: Ryan Crocker, Lifelong U.S. Diplomat, Diplomat in Residence, Princeton University
In Conversation with Greg Baer, President and Chief Executive Officer, Bank Policy Institute

Keynote Remarks by Comptroller of the Currency Joseph Otting

Welcome Remarks and Introduction: Greg Baer, President and Chief Executive Officer, Bank Policy Institute
Featured Speaker: Joseph Otting, Comptroller of the Currency, Office of the Comptroller of the Currency
In Conversation with John Hope BryantFounder, Chairman, and Chief Executive Officer, Operation HOPE, Inc.

Keynote Remarks Featuring FDIC Chairman Jelena McWilliams

Introduction: Mike Lee, Senior Vice President, Government Affairs, Bank Policy Institute
Featured Speaker: FDIC Chairman Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation
In Conversation with: H. Rodgin Cohen, Senior Chairman, Sullivan & Cromwell LLP

Keynote Remarks Featuring CFPB Director Kathy Kraninger

Welcome Remarks and Introduction: Rob Hunter, Deputy General Counsel and Executive Managing Director, The Clearing House
Featured Speaker: Kathy Kraninger, Director, Consumer Financial Protection Bureau
In Conversation with Naeha Prakesh, Associate General Counsel and Senior Vice President for Consumer Regulatory Affairs, Bank Policy Institute

Keynote Remarks Featuring Deputy Secretary of the Treasury Justin Muzinich

Welcome Remarks and Introduction: Greg Baer, President and Chief Executive Officer, Bank Policy Institute
Featured Speaker: Justin G. Muzinich, Deputy Secretary of the Treasury, U.S. Department of the Treasury

Outside Perspectives on the Banking Industry

Technology, changing consumer demands, regulation and non-bank competition are all forces changing the banking landscape, affecting how banks are structured, their technology investments, physical presence, ROE, and more. This panel convenes finance industry leaders with deep knowledge of the banking industry for an outside perspective on how banks are being re-shaped in response to these trends and what these changes mean for bank customers, markets, shareholders, and the financial system more generally. Panelists will also share their perspective and outlooks for the commercial banking landscape in the future.


  • Betsy Graseck, Managing Director, Morgan Stanley
  • Eugene Ludwig, Founder and Chief Executive Officer, Promontory Financial Group, an IBM Company
  • Thomas B. Michaud, President and Chief Executive Officer, Keefe, Bruyette & Woods
  • Hans Morris, Managing Partner, Nyca Partners
  • Deborah Matthews Phillips, AAP, Managing Director – Payment Strategy, Jack Henry & Associates

Moderator: Mitchell S. Eitel, Partner, Sullivan & Cromwell LLP

Access to Banking Services in a Changing Landscape – Banking Deserts and Oases

The growth of online banking is having a significant impact on the availability and demand for various types of banking services. This panel will discuss the following: recent trends in the growth of mobile banking; the decline in the aggregate number of physical bank branches; accessibility of banking services in low-and-moderate income neighborhoods; trends in unbanked and underbanked households, and types of households that visit local bank branches.


  • Paul Calem, Senior Vice President, Research, Bank Policy Institute
  • Michael D. Calhoun, President, Center for Responsible Lending
  • Douglas Elliott, Partner, Finance and Risk/Public Policy Practice, Oliver Wyman
  • Donald Felix, Head of Financial Health, Consumer Banking, JPMorgan Chase & Co.
  • Andy Navarrete, Executive Vice President, External Affairs, Capital One

Moderator: Derek M. Bush, Partner, Cleary Gottlieb Steen & Hamilton LLP

Transparency and Accountability in Bank Supervision

This panel will discuss the ways to improve supervision of supervised entities by ensuring (i) standards against which entities will be evaluated are clear and communicated ex ante, (ii) establishing a dialogue between firm staff and agency staff to discuss any issues that arise during the supervisory process (informal appeal process prior to finalizing supervisory letters), and (iii) establish the responsibilities of entity staff in the supervisory process.


  • Peter Conti-Brown, Assistant Professor, The Wharton School of the University of Pennsylvania
  • Doreen R. Eberley, Director, Division of Risk Management Supervision, Federal Deposit Insurance Corporation
  • Michael S. Gibson, Director, Division of Supervision and Regulation, Board of Governors of the Federal Reserve System
  • Julie Andersen Hill, Alton C. and Cecile Cunningham Craig Professor of Law, University of Alabama School of Law

Moderator: Randall D. Guynn, Partner, Davis Polk & Wardwell LLP

CEO Roundtable on the Business of Banking

The landscape for large commercial banks in the United States continues to evolve in response to the overall business environment, technological shifts, and changing customer demands, as well as other variables. This panel convenes five bank CEOs to provide perspective on the key issues for large commercial banks today, meeting consumer demands, the regional and national economic picture, technological advances and managing a bank in the digital age.


  • Andrew Cecere, Chairman, President and Chief Executive Officer, U.S. Bancorp
  • Michael L. Corbat, Chief Executive Officer, Citigroup, Inc.
  • Curtis C. Farmer, President and Chief Executive Officer, Comerica Incorporated and Comerica Bank
  • Margaret Keane, President and Chief Executive Officer, Synchrony
  • John M. Turner, Jr., President and Chief Executive Officer, Regions Financial Corporation

Moderator: Fritz Nauck, Senior Partner, McKinsey & Company

TCH + BPI Annual Chairs’ Dinner

TCH + BPI Annual Chairs’ Dinner
Welcome Remarks: Michael L. Corbat
Chief Executive Officer, Citigroup, Inc.

Featured Speaker: Dr. Robert J. Shiller
Nobel Laureate in Economics, Distinguished Professor of Economics,
Yale University; Author, Narrative Economics

In Conversation with Bill Nelson
Executive Vice President and Chief Economist, Bank Policy Institute


Breakout Panel Transcripts:

Defining Operational Resilience Expectations for U.S. Banks and Supervisors in a Global Economy

Key business services provided by financial services firms are critical to the efficient operation of markets, financial platforms and systems for customers, clients and counterparties at the national and global level. This panel will pull together senior regulators at the U.S. banking agencies, industry experts and security experts from the private sector to discuss this evolving area, including development of a common taxonomy, which activities to prioritize, defining impact tolerance, coordination between regulation and supervision and driving coordination with non-U.S. regulators.


  • John A. Beebe, Deputy Associate Director, LISCC, Federal Reserve Board of Governors
  • Chris Feeney, Executive Vice President and President of BITS, Bank Policy Institute
  • Stephen C. Hostetler, Managing Director, Enterprise Scenario Planning and Execution & Global Real Estate Services COO, Bank of America
  • Amy Shanle, Global Head of Enterprise Resiliency Strategy & Regulatory, Bank of New York Mellon

Moderator: Adam Gilbert, Partner, Financial Services Advisory Risk and Regulatory Co-Leader, PwC

Rethinking Home/Host Supervisory Roles in the Age of International Ring-fencing

This panel will explore issues of market fragmentation surrounding the current trend towards regulatory and supervisory ring-fencing, which may threaten the stability gains promised by the international framework that has emerged in the years following the Crisis.


  • D. Wilson Ervin, Vice Chairman, Credit Suisse AG
  • Andrew Gracie, Senior Advisor, Deloitte
  • Brent Hoyer, Managing Director, Chain Bridge Partners, LLC
  • Bill Nelson, Executive Vice President and Chief Economist, Bank Policy Institute
  • Barnabas Reynolds, Partner and Global Head of the Financial Services Industry Group, Shearman & Sterling LLP

Moderator: Reena Agrawal Sahni, Partner, Shearman & Sterling LLP

What’s Ahead in Bank Litigation and Enforcement

The litigation and enforcement environment continues to evolve for banks, particularly in the context of government investigations and enforcement actions, which, year after year, become steadily more demanding. Senior representatives from banks, regulatory agencies, and the legal community will provide insights into the hallmarks of a good internal investigation, current enforcement priorities and initiatives and more. The panelists will also discuss issues relating to voluntary disclosure and cooperation, types of credit available for an effective compliance program, institutional versus individual accountability, interagency coordination of enforcement actions, and the appropriate role of compliance monitors.

  • Richard M. Ashton, Deputy General Counsel for Litigation, Enforcement, and System Matters, Federal Reserve Board
  • Mei Lin Kwan-Gett, Deputy General Counsel and Global Head of Litigation, Citigroup, Inc.
  • Matthew Miner, Deputy Assistant Attorney General, Criminal Division, Department of Justice
  • Cara Petersen, Acting Assistant Director for Enforcement, Consumer Financial Protection Bureau
  • D. Jean Veta, Partner, Covington & Burling LLP

Moderator: Daniel Gallagher, Partner, Deputy Chair, Securities Department, WilmerHale

The Future of Credit Underwriting: Artificial Intelligence and its Role in Consumer Credit

This panel will consider the use of new technologies, such as artificial intelligence and machine learning, that are being incorporated in the consumer credit underwriting and decisioning processes. The panel will examine the current ways in which a variety of financial institutions use AI to leverage alternative data to expand access to credit, and discuss the regulatory considerations that come into play, such as fair lending and UDAAP. Further, the panel will provide insights into how regulators consider these issues, including the interactions between the regulators and financial institutions regarding the use of these technologies.


  • Albert D. Chang, Counsel, Office of Innovation, Consumer Financial Protection Bureau
  • Annie Delgado, Chief Compliance Officer, Upstart
  • Carol Evans, Associate Director, Division of Consumer and Community Affairs, Federal Reserve Board
  • Meredith Fuchs, Senior Vice President, Chief Counsel of Regulatory Advisory, Capital One

Moderator: Eric Mogilnicki, Partner, Covington & Burling LLP

Evolution of U.S. Sanctions and their Impact on Bank Compliance Programs

This panel will discuss the evolution of U.S. sanctions programs and how they and technological developments are impacting bank compliance programs.


  • Sahand Boorboor, Global Financial Crimes Executive, Bank of America
  • Brian Grant, Managing Director, Global Head of Sanctions Compliance, MUFG
  • Donna M. Murphy, Deputy Comptroller for Compliance Risk Policy, Office of the Comptroller of the Currency
  • Bradley T. Smith, Deputy Director, U.S. Department of the Treasury, Office of Foreign Assets Control

Moderator: Satish Kini, Partner, Debevoise & Plimpton LLP

Bank Applications and Regulatory Approvals Under a New “Control” Paradigm

Earlier this year, the Federal Reserve proposed new rules regarding the definition of “control” under the Bank Holding Company Act in view of the frequent uncertainty surrounding whether an investment in and/or by a banking organization would constitute “control” under the Federal Reserve’s current approach and the consequences of bank holding company status for controlling investors in banks. Representatives from the Federal Reserve and the banking industry will discuss how they expect the forthcoming shift in the framework will affect investments in and by banking institutions, including relating to bank investments in fintech companies and shareholder representation on bank boards. Panelists will also discuss the latest regulatory and market developments relating to bank m&a and agency application reviews.


  • Kieran J. Fallon, Senior Deputy General Counsel, Government, Regulatory Affairs and Enterprise Risk, PNC Financial Services Group, Inc.
  • Steve Lybarger, Deputy Comptroller for Licensing, Office of the Comptroller of the Currency
  • Matthew Musselman, Executive Director and Assistant General Counsel, JPMorgan & Chase Co.
  • Mark E. Van Der Weide, General Counsel, Legal Division, Board of Governors of the Federal Reserve System

Moderator: Richard K. Kim, Partner, Wachtell, Lipton, Rosen & Katz

Regulatory Agency General Counsel Panel

The general counsels of the Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau will share thoughts on their current priorities and what’s ahead for 2020.


  • Jonathan Gould, Senior Deputy Comptroller and Chief Counsel, Office of the Comptroller of the Currency
  • Nick Podsiadly, General Counsel, Federal Deposit Insurance Corporation
  • Stephen Van Meter, Deputy General Counsel, Consumer Financial Protection Bureau
  • Mark E. Van Der Weide, General Counsel, Legal Division, Board of Governors of the Federal Reserve System

Moderator: Michael M. Wiseman, Partner, Sullivan & Cromwell LLP