Clearing House Association, LLC
Encyclopedia
The Clearing House Association, LLC is the nation’s oldest banking association representing 17 of the world's largest commercial banks, which collectively employ over 2 million people and hold more than half of all U.S. deposits. It 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 systemically important banking issues.
Members of The Clearing House include JPMorgan Chase & Co.
, Bank of America Corp., Citigroup Inc., Bank of New York Mellon Corp., Deutsche Bank AG, UBS AG
, U.S. Bancorp
and Wells Fargo & Co. The Clearing House Payments Company, an organization owned by the same banks, was established in New York in 1853 for the purpose of processing transactions among banks. It has offices in New York, North Carolina and Washington, D.C.
In September 2009, the Clearing House joined a lawsuit in support of the Federal Reserve after a federal court
in New York ruled against the Fed. Filed by Bloomberg News under the Freedom of Information Act, the lawsuit sought records showing where the Fed had lent $2 trillion
of taxpayer funds during the bank bailout of the financial crisis of 2008. The Clearing House has filed an appeal before the United States Supreme Court on October 26, 2010. , the case remains on appeal.
The Clearing House was also sued by the State of New York in Andrew Cuomo v. the Clearing House Association, LLC
to determine whether the U.S. Treasury's Office of the Comptroller of the Currency
(OCC) had the authority to preempt a state's right to enforce its own fair lending laws against national banks. A 5-4 decision by the Supreme Court overturned previous lower court decisions that had ruled in favor of the Clearing House and the OCC.
Members of The Clearing House include JPMorgan Chase & Co.
JPMorgan Chase & Co.
JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets and market capitalization.It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is...
, Bank of America Corp., Citigroup Inc., Bank of New York Mellon Corp., Deutsche Bank AG, UBS AG
UBS AG
UBS AG is a Swiss global financial services company headquartered in Basel and Zürich, Switzerland, which provides investment banking, asset management, and wealth management services for private, corporate, and institutional clients worldwide, as well as retail clients in Switzerland...
, U.S. Bancorp
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...
and Wells Fargo & Co. The Clearing House Payments Company, an organization owned by the same banks, was established in New York in 1853 for the purpose of processing transactions among banks. It has offices in New York, North Carolina and Washington, D.C.
In September 2009, the Clearing House joined a lawsuit in support of the Federal Reserve after a federal court
Federal court
Federal court may refer to a court of the national government in a country that has a federal system of government. Examples include:* United States federal courts** A particular federal court, such as the United States district courts....
in New York ruled against the Fed. Filed by Bloomberg News under the Freedom of Information Act, the lawsuit sought records showing where the Fed had lent $2 trillion
Trillion
-Numbers:Either of the two numbers :* 1,000,000,000,000 for all short scale countries...
of taxpayer funds during the bank bailout of the financial crisis of 2008. The Clearing House has filed an appeal before the United States Supreme Court on October 26, 2010. , the case remains on appeal.
The Clearing House was also sued by the State of New York in Andrew Cuomo v. the Clearing House Association, LLC
Limited liability company
A limited liability company is a flexible form of enterprise that blends elements of partnership and corporate structures. It is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions...
to determine whether the U.S. Treasury's Office of the Comptroller of the Currency
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...
(OCC) had the authority to preempt a state's right to enforce its own fair lending laws against national banks. A 5-4 decision by the Supreme Court overturned previous lower court decisions that had ruled in favor of the Clearing House and the OCC.
Leadership
- James Aramanda serves as Chief Executive Officer of The Clearing House Association.
- Paul Saltzman is President of The Clearing House Association.
- Michael Helfer, General Counsel and Corporate Secretary of Citi, is Chairman of The Clearing House Association Board.
Membership
- Citi
- Banco Santander
- Bank of America
- BNY Mellon
- BB&T
- Capital One
- Comerica
- Deutsche Bank
- HSBC
- JPMorgan Chase
- KeyBank
- PNC
- RBS Citizens
- Union Bank, N.A.
- UBS
- U.S. Bank
- Wells Fargo
See also
- Clearing house (finance)Clearing house (finance)A clearing house is a financial institution that provides clearing and settlement services for financial and commodities derivatives and securities transactions...
- Bankers' clearing houseBankers' clearing houseA bankers' clearing house is an organization that transfers money between member banks, originally to clear checks. For more than a century, this service has been expanded to include several other banking services now done electronically.- Predecessors :...
- Clearing House Interbank Payments SystemClearing House Interbank Payments SystemThe Clearing House Interbank Payments System is the main privately held clearing house for large-value transactions in the United States, settling well over US$1 trillion a day in around 250,000 interbank payments. Together with the Fedwire Funds Service , CHIPS forms the primary U.S...
- Automated Clearing HouseAutomated Clearing HouseAutomated Clearing House is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit payroll and vendor payments. ACH direct debit transfers include consumer payments...
External links
- Clearing House Payments Company official website. Retrieved March 10, 2011 (updated link 9/19/2011)
- The Clearing House Association's amicus curiae briefs
- American Banker feature on The Clearing House.