WASHINGTON, D.C.– Responding to remarks today by Treasury Secretary Jack Lew regarding cybersecurity and the financial industry, the Financial Services Roundtable (FSR), the Financial Services Forum (FSF), the Securities Industry and Financial Markets Association (SIFMA), The Clearing House (TCH) and the American Bankers Association (ABA) released the following statement:
“We commend Secretary Lew’s leadership on cybersecurity and his call to improve information sharing between the government and private sector. The financial industry is leading the way in combating cyberattacks and has been working diligently in this area for more than 15 years. Our industry’s number one priority is to protect our customers and the economy and we reinforce these efforts every day with financial, CEO and senior leadership support. With extensive collaboration within the industry and the federal government, the financial industry closely monitors the changing threats and adapts to stay ahead. We also urge Congress to quickly pass cyber threat information sharing legislation to further enable us to expand our abilities to fight future attacks.”
The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America’s economic engine, accounting directly for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more atFSRoundtable.org.
The Financial Services Forum is a non-partisan financial and economic policy organization comprising the CEOs of 18 of the largest and most diversified financial services institutions doing business in the United States. The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy. Learn more at www.finanicalservicesforum.org
The American Bankers Association is the voice of the nation’s $14 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $11 trillion in deposits and extend nearly $8 trillion in loans. Learn more at aba.com.
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA’s mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.
About The Clearing House: Established in 1853, The Clearing House is the oldest banking association and payments company in the United States. It is owned by the world’s largest commercial banks, which hold more than half of all U.S. deposits. The Clearing House Association L.L.C. is a nonpartisan advocacy organization representing – through regulatory comment letters, amicus briefs and white papers – the interests of its owner banks on a variety of important banking issues. Its affiliate, The Clearing House Payments Company L.L.C., provides payment, clearing and settlement services to its member banks and other financial institutions, clearing almost $2 trillion daily which represents nearly half of the automated clearing-house, funds transfer, and check-image payments made in the U.S. See The Clearing House’s web page at www.theclearinghouse.org.