roundtable annual report final
TRANSCRIPT
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Impacting Policy. Impacting People.
THE FINANCIALSERVICES ROUNDTABLE
Financing the Economy Through Good Times and Bad2008 Annual Report
AEGON USA, INC. AFFILIATED MANAGERS GROUP, INC. ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA ALLIED CAPITAL CORPORATION THE ALLSTATE CORPORATION
AMERICAN INTERNATIONAL GROUP, INC. (AIG) AMERIPRISE FINANCIAL, INC. AON CORPORATION ASSOCIATED BANC-CORP ASSURANT, INC. AXA FINANCIAL, INC.
BANCORPSOUTH, INC. BANCWEST CORPORATION BANK OF AMERICA CORPORATION BANK OF HAWAII CORPORATION THE BANK OF NEW YORK MELLON CORPORATION
BARCLAYS CAPITAL, INC. BB&T CORPORATION CAPITAL ONE FINANCIAL CORPORATION THE CHARLES SCHWAB CORPORATION THE CHUBB CORPORATION CITIGROUP INC.
CITIZENS FINANCIAL GROUP, INC. CITY NATIONAL CORPORATION COMERICA INCORPORATED COMMERCE BANCSHARES, INC. COMPASS BANCSHARES, INC. COUNTRYWIDE
FINANCIAL CORPORATION CULLEN/FROST BANKERS, INC. EDWARD JONES FEDERATED INVESTORS, INC. FIDELITY INVESTMENTS FIFTH THIRD BANCORP
FIRST COMMONWEALTH FINANCIAL CORPORATION FIRST HORIZON NATIONAL CORPORATION FORD MOTOR CREDIT COMPANY FULTON FINANCIAL CORPORATION
GENERAL ELECTRIC COMPANY GENWORTH FINANCIAL GMAC FINANCIAL SERVICES GUARANTY FINANCIAL SERVICES HARRIS BANKCORP, INC. THE HARTFORD FINANCIAL
SERVICES GROUP, INC. HSBC NORTH AMERICA HOLDINGS, INC. HUNTINGTON BANCSHARES INCORPORATED ING JOHN DEERE CREDIT COMPANY JOHN HANCOCK FINANCIAL
SERVICES, INC. JPMORGAN CHASE & CO. KEYCORP LEGG MASON, INC. LINCOLN NATIONAL CORPORATION M&T BANK CORPORATION MARSHALL & ILSLEY CORPORATION
MASTERCARD INCORPORATED MERRILL LYNCH & CO., INC. MUTUAL OF OMAHA INSURANCE COMPANY NATIONAL CITY CORPORATION NATIONWIDE THE NASDAQ
STOCK MARKET, INC. NORTHERN TRUST CORPORATION THE PMI GROUP, INC. THE PNC FINANCIAL SERVICES GROUP, INC. POPULAR, INC. PRINCIPAL FINANCIAL GROUP
PROTECTIVE LIFE CORPORATION PRUDENTIAL FINANCIAL INC. RAYMOND JAMES FINANCIAL, INC. RBC CENTURA BANKS, INC. REGIONS FINANCIAL CORPORATION
SAFECO CORPORATION STATE FARM INSURANCE COMPANIES STATE STREET CORPORATION SUNTRUST BANKS, INC. SYNOVUS TD BANKNORTH INC.
TIAA-CREF TOYOTA FINANCIAL SERVICES UBS UNIONBANCAL CORPORATION UNITED BANKSHARES, INC. UNUM USAA U.S. BANCORP
VISA, I NC . WAC HOVIA C OR PO RAT IO N WA DD EL L & R EED F IN AN CI AL , I NC . WA SH IN GTO N MUT UA L, I NC . W EB ST ER F IN AN CI AL C OR PO RAT IO N
WELLS FARGO & COMPANY WESTERN & SOUTHERN FINANCIAL GROUP WHITNEY HOLDING CORPORATION ZIONS BANCORPORATION ZURICH FINANCIAL SERVICES
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Table of Contents
Message from the Chairman, President and CEO
The Financial Services Roundtable: In Good Times and Bad
A Year of Offense, a Year of Defense
The HOPE NOW Alliance: Offering Solutions, Offering Hope
Housing Policy Council: Stepping Up to Help In a Year of Extraordinary Challenges
Community Build Day 2007: Reaching Deeper, Raising More
MyMoneyManagement.net: Financial Education Delivered
BITS: Advancing Practices and Policy in Security, Fraud, Vendor Management, and Regulation
The Identity Theft Assistance Center (ITAC): Thought Leader, Business Partner
Agents for Change Continues to Grow and Gain Momentum
Looking to the Future: The Roundtable Takes the Lead
2008 Officers and Board of Directors
The 2007 Financial Services Roundtable Financial Statements
The Mission of The Financial Services Roundtable
The Financial Services Roundtable Staff
Member Companies of the The Financial Services Roundtable
1
2
6
10
12
14
16
18
22
24
26
28
30
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34
36
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Faced with an acceleration in mortgage foreclosures,
our member companies helped build HOPE NOW,
an unprecedented industry-wide effort to reach out
to homeowners in danger of losing their homes. Theyembraced and supported MyMoneyManagement.net,
The Financial Services Roundtables initiative to
educate and assist consumers on the verge of financial
trouble. Then there are the 30,000 consumers
victimized by identity theft who have benefited from
the free services of the Identity Theft Assistance
Center; and the more than 26,000 volunteers who
gave of their time and generosity in support of our
Community Build Day.
Meanwhile, the Roundtable advocated in Washington
on the need for public policy that promotes competitive-
ness, GSE reform, patent reform, and an optional
federal insurance charter.
On the technology front, we acknowledge the
outstanding contributions of BITS founding president,
Catherine Allen, who left the organization in 2007.
Under Ms. Allens visionary guidance, BITS emerged
as the undeniable and widely recognized expert in
financial services technology issues.
The American economy and the American people
have faced challenges before. And so have the member
companies of The Financial Services Roundtable. But
through it all, theyve continued to innovate, challenge
each other, and keep focus where it belongs: serving the
American public.
Message From the Chairman, President and CEO
Challenges BringOut The Best InMany Of Us
And 2007 WasA Challenging Year
Thomas A. RenyiThe Bank of New YorkMellon CorporationChairman,The Financial ServicesRoundtable
Steve BartlettPresident and CEOThe Financial ServicesRoundtable
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Introduction
The stock market fell 50%.
The country entered a recession.And confidence in theAmerican banking systemwas at an all-time low.
The Year Was 1907.
Crisis though it may have been, the Bankers
Panic of 1907 was short-lived. Financial services
institutions worked in concert with legislators
to restore confidence in the American economy
and achieved success as early as February 1908.
The establishment of the National Monetary
Commission, an institution that later became
the Federal Reserve, went a long ways towards
achieving the goal of putting the American
economy back on track.
The member companiesof The Financial Services
Roundtable have a long historyof serving American consumersand advocating public policythat encourages competitionand innovation.
The FinancialServicesRoundtable
In Good Times
And Bad
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As Americans moved throug
the 1920s, another crisis was
yet to unfold. The Great Crash
of 1929 signaled the downward
economic slide that initiated th
Great Depression, a period of
enormous challenge for Americ
and for individual Americans
Though many of the regula-
tions passed to address the
underlying economic issues
were scaled back in the 1970s
and 1980s as a result of a
bipartisan call for deregulation,
new ways of doing business too
hold, making an economic
calamity on such a devastating
scale a virtual impossibility inthe future.
Through the wartime chal-
lenges of the 1940s to the post-
war prosperity of the 1950s and
1960s the oft-called Golden
Era of American Capitalism
the member companies of The
Financial Services Roundtable
were there, providing services
and products that helped
Americans live better lives.
Innovation was the key.
With the introduction of the fir
bank credit card in the 1940s,
Americans were free to buy wh
they wanted when and where
they wanted to do so. The cre-
ation of ATMs in the 1970s
made it easier than ever before
for Americans to access their
own money on their own terms
and in their own time.
THE FINANCIAL SERVICES ROUNDTABLE
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The development of mutual funds, annuities,
and other innovative investment vehicles took
the intimidation factor out of investing and made
it affordable and easier for more families than
ever before.
The standard of living for everyday Americans
was climbing to unprecedented heights, thanks in
no small part to the financial services industry.
In 1999 one of the greatest milestones for
American consumers was passed. The Gramm-
Leach-Bliley Financial Services Modernization Act
opened up competition among securities companies,
and insurance companies. The result for consumers
was dramatic: Americans, no matter where they
lived, had access to a greater variety of products and
services at more competitive prices than ever before.
Through the freedoms granted by Gramm-Leach-Bliley, the member companies of The Financial
Services Roundtable were able to innovate and
compete in ways they never had before.
The Big Winner Was UndeniablyThe American Consumer.
Today, the American housing marketplace is
facing a series of challenges. The member companies
of The Financial Services Roundtable welcome the
steps taken by the Federal Reserve to protect
American consumers by formally codifying what
was previously only suggested guidance for lenders
and servicers. As an additional measure, member
companies have committed to a five-year freeze on
interest rate resets for qualifying mortgages in order
to assist homeowners in financial trouble. Finally,
Roundtable members supported making mortgage
insurance premiums tax deductible and making
mortgage debt forgiveness non-taxable.
Just as important, Roundtable member
companies have recommitted and redoubled efforts
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to reach out to those in danger
of foreclosure through the HOP
NOW Alliance. This nonprofit
consortium offers consumers
free assistance from accredited
counselors who work with
lenders to keep homeowners
in their homes. To date, HOPE
NOW has assisted 870,000
consumers and the calls are
increasing daily.
MyMoneyManagement.net
is yet another way that member
companies are reaching out
to assist consumers. This
educational Web site provides
a comprehensive array of article
and tools designed to providepractical guidance to consumer
before their financial problems
become overwhelming. And the
Identity Theft Assistance Cente
(ITAC) is a free service provide
by participating companies to
help consumers who are the
victim of identity theft.
The member companies
of The Financial Services
Roundtable have always sup-
ported public policy to protect
American consumers, while
offering financial services
institutions the freedom they
require to innovate, compete,
and offer Americans the
products and services they
deserve.
Just as they will continue to
do. In good times and in bad.
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Legislative Issues
Attorney-Client Privilege:In the current regulatory
climate, the Department of Justice and the Securities
Exchange Commission may force companies and
employees to waive their attorney-client privilege
in order to be perceived as cooperating in an
investigation. The Roundtable along with a
broad-based spectrum of companies and trade
associations believes this is fundamentally wrong.
Members of the House agreed and a bipartisan majority
passed a bill prohibiting the forced waiving of privilege.Senator Arlen Specter (R-PA) is a powerful advocate
for this legislation on the Senate Side.
Terrorism Risk Insurance Act (TRIA): With TRIA set to
expire at the end of 2007, Congress acted in time and an
extension for an additional seven years was sent to the
President on December 19, 2007. A priority of the
Legislative/Regulatory Overview
Working with a new majority inCongress, the Roundtableplayed both offensive and
defensive roles to see prioritiesenacted and protect against theerosion of issues important tothe financial services industry and to American consumers.
A Year OfOffense
A Year Of
Defense
Enacting legislation that will
keep the financial servicesindustry vital and encouraginga principles-based approachto regulation are the coreof the Financial ServicesRoundtables policy mission.
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Roundtable, the bill is essential
to protecting the insurance indus
from catastrophic losses due to
terrorism.
Anti-money Laundering:The
Roundtable worked closely with
House Financial Services
Committee Chairman BarneyFrank (D-MA) to reform the
current burdensome reporting
system. In addition to testifying
at a Committee hearing, the
Roundtable submitted to Chairm
Frank specific recommendations f
a complete overhaul of the system
urging the Chairman to use these
recommendations as a starting
point towards the creation of amore efficient and effective system
The Roundtable also offered a
series of short-term recommenda-
tions that would immediately ease
the burdens resulting from the
current system and, at the same
time, better protect the American
people. The issue will remain a
top priority into 2008.
Patent Reform: There was success
in this area, a major priority for
the Roundtable in 2007. H.R.
1908 will improve patent law
and will establish fairness.
Senate Majority Leader Harry
Reid (D-NV) has committed to
addressing the issue in the Senat
in 2008.
Student Loans: Legislation to cut
the government assistance used
by financial services companies
to provide student loans was
signed into law this year over the
opposition of the Roundtable and
other trade associations. Howeve
the Roundtable was able to avoid
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the inclusion of provisions that would be even more
directly harmful to the private student loan market-
place. The Roundtable expects that it will be necessary
to continue to play a defensive role in this area since
further activity is anticipated in 2008.
Bankruptcy Reform: The Roundtable defended
against efforts to chip away the 2005 bankruptcy
reform and to grant judges new powers.. A Housecommittee reported out a bill to give bankruptcy
judges the power to alter the terms of a mortgage and
Roundtable President and CEO Steve Bartlett testified
in opposition to the bill. On the Senate front, two
companion bills were introduced and, at a Senate
Judiciary Committee hearing, witnesses testified that
the bills would force an increase in mortgage interest
rates. The Roundtable co-leads a coalition of financial
services trade organizations opposing the bills and it
is expected that this issue will remain very much onthe agenda during 2008.
Credit Card Restrictions: Key members of both the
House and the Senate stated their intention to pass
legislation to prohibit specific credit card practices,
including double cycle billing and universal default.
As with regards to the bankruptcy law, this issue is
likely to remain on the Congressional forefront during
2008 and the Roundtable will continue to play a
defensive position.
Regulatory Issues
In November 2007, the Financial Services
Roundtables Committee on Enhancing Competitive-
ness released The Blueprint for U.S. Financial
Competitiveness in which it recommended 68 legislative
and regulatory initiatives that would enhance competition
and the U.S. economy. Key to the Blueprint is the
recommendation that a principles-based approach to
regulatory supervision of the financial services industrybe undertaken in order to promote more open oversight
and coordination between industry and regulators, as
well as to ultimately improve regulation.
In 2007, the Financial Services Roundtable was active
in the following regulatory issues:
Accounting Convergence: The Roundtable submitted
comments to the Securities Exchange Commission on
the convergence of accounting standards for both
foreign and U.S. issuers, something the Roundtable
believes would result in a single, high quality set ofglobal accounting standards as recommended in the
competitiveness Blueprint. The SEC unanimously
voted to allow foreign companies to use international
accounting standards when filing with the agency, a
step the Roundtable believes is a step towards the larger
goal of accounting convergence.
Amicus Briefs: Three friend of the court briefs were
filed on issues affecting Roundtable member companies,
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including the case ofStoneridge
Investment Partners, LLC v. Scientific
Atlanta, Inc. filed with the U.S.Supreme Court. The Roundtable
also joined other banking associa-
tions in filing briefs before federal
appellate courts in Connecticut
and Texas arguing that the First
Amendment provisions in the
Bankruptcy Abuse Prevention
and Consumer Act of 2005 apply
to all bankruptcy attorneys.
Basel II: The Federal Reserve, the
Office of the Comptroller of the
Currency, the Office of ThriftSupervision, and the Federal
Deposit Insurance Corporation
approved final rules establishing
regulatory and supervisory require-
ments for credit and operational
risk, as well as enhancing standards
for supervisory review of capital
adequacy and public disclosures
for national banks. The Blueprint
contains a number of recommend
tions for regulators during the
Basel II implementation process
and the Roundtable plans to
actively work in support of these
recommendations.
The Roundtable, through
its Government Affairs and BITS
divisions, also filed comments wit
appropriate regulatory agencies on
the following issues:
FDIC Assessment Dividends and
Deposit Premiums
Federal Identity Theft
Task Force Report
Garnishment of Exempt Federal
Benefit Funds
Principle Trades with Specified
Advisory Clients
REAL ID
Reg R (the push-out rule)
Reg Z
Rule 12-bI
Rules 144 and 145 of the Securiti
Act of 1933
Consent-based Social Security
Number Verification Program
Use of Social Security Numbers b
the Private Sector
Unfair and Deceptive Practices
Rulemaking
Unlawful Internet Gambling
Whois Database
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HOPE NOW
The importance of communica-tion cant be emphasizedenough: more than 50% ofthose entering into foreclosurenever reach out to their lenderfor assistance. HOPE NOWis out to change that unfortu-nate statistic.
A natural outgrowth of the Homeownership
Preservation Effort, founded in 2006 by theRoundtables Housing Policy Council along with
non-profit partners, the new HOPE NOW Alliance
brings together a consortium of participants in the
housing marketplace committed to helping consumers
who find themselves in financial trouble hold on to
their piece of the American Dream.
Formed with the encouragement of the Departments
of the Treasury and Housing and Urban Development,
HOPE NOW establishes a coordinated, national
approach among servicers, investors, and counselors
to maximize efforts to communicate with borrowers
having difficulty making their mortgage payments by
offering them workable options that may allow them
to avoid foreclosure.
The importance of communication cant be
emphasized enough: more than 50% of those entering
into foreclosure never reach out to their lender for
The HOPE NOWAlliance
Offering
Solutions,Offering Hope
10 THE FINANCIAL SERVICES ROUNDTABLE
An unprecedented coalitionbetween lenders, investors,mortgage market participants,
and trade associations tobridge the communicationsgap between lenders, borrow-ers and help homeowners introuble stay in their homes.
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assistance. HOPE NOW is out to
change that unfortunate statistic.
Every participating lender in the
HOPE NOW Alliance must abide by
a set of guiding principles, including
agreeing to:
Contact at-risk borrowers at least
120 days prior to an interest rate reset;
establish a single port of entry for
all participating counselors to speed
solutions for borrowers; set up dedicat-
ed email and fax connections to
support counselors working directly
with borrowers.
A key part of HOPE NOW is
the Homeowners HOPE Hotline,
888-995-HOPE, provided by theHomeownership Preservation
Foundation. Since the hotlines incep-
tion and through the end of 2007,
over 352,800 calls were received and
more than 124,300 homeowners
counseled. While those numbers are
impressive, with the goal of reaching
at many at-risk borrowers as possible,
a comprehensive direct mail campaign
one that is already achieving dramaticresults was undertaken.
490,000 direct mail letters alerting
homeowners to the assistance available
at HOPE NOW were sent out in
November and December 2007. In the
last two months of 2007, more than
120,000 calls were received in 2008,
the HOPE NOW Alliance will continue
efforts to educate and reach out tohomeowners who fear there is no
solution available to them other than
foreclosure. With the assistance of
the Homeowners HOPE Hotline,
tens of thousands of consumers are
learning more about their options
and rediscovering hope.
Members of theHOPE NOW Alliance
American Bankers Association
American Financial Services
Association
American Securitization Forum
Assurant, Inc.
Aurora Loan Services
Avelo Mortgage, LLC.
Bank of America
Carrington Mortgage Services
Chase
Consumer Credit Counseling
Service of Atlanta
Citigroup, Inc.
Consumer Bankers Association
Consumer Mortgage Coalition
Countrywide Financial Corporati
EMC Mortgage, Inc./ Bear Stearn
Fannie Mae
The Financial Services Roundtab
First Horizon Home Loans and
First Tennessee Home Loans
Freddie Mac
GMAC ResCap
Homeownership Preservation
Foundation
Home Loan Services, Inc.
HomEq Servicing
Housing Partnership Network
The Housing Policy Council
HSBC FinanceIndymac Bank
Litton Loan Servicing
MERS
National City Mortgage Corporat
Nationstar Mortgage, LLC
NeighborWorks America
Mortgage Bankers Association
Ocwen Loan Servicing, LLC
Option One Mortgage Corporatio
PMI Mortgage Insurance Co.
Saxon Mortgage Services
Securities Industry and FinancialMarkets Association
Select Portfolio Servicing, Inc.
State Farm Insurance Companies
SunTrust Mortgage, Inc.
Washington Mutual, Inc.
Wells Fargo & Company
Wilshire Credit Corporation
as of February 18, 2008
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Housing Policy Council
The Housing PolicyCouncil ramps up withthe HOPE NOW Allianceand continues to workwith Congress and federalregulators to stabilize thehousing marketplace.
As the mortgage providers for
millions of American families,the member companies ofthe Housing Policy Councilrecognize the responsibilitythey bear to keep the housingmarketplace vibrant.
The HOPE NOW Alliance strongly supported by
the Administration, the Department of the Treasury,
and Housing and Urban Development was formed in
late 2007. Based on the extraordinary success HOPE
NOW has achieved in outreach and counseling for
homeowners and the ever-increasing number of calls
(pages 10 and 11) the Homeowners HOPETMHotline
is receiving, its clear that the service of bridging
the gap between borrowers and their providers is
working to prevent or substantially reduce the
number of foreclosures.
Housing PolicyCouncil
Stepping Up
To Help In A YearOf ExtraordinaryChallenges
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Regulatory Changeis an Important Stepin Solidifying Markets
The member companies of the
Housing Policy Council support
the recent efforts by the Federal
Reserve to formalize regulations
that the HPC believes along
with voluntary industry efforts
to refinance, modify and provide
other workout options for loans
will go a long way toward
addressing the issues currently
facing the subprime market. HPC
worked for improvements in
H.R. 3915, the mortgage legisla-
tion passed by the House at
the end of 2007, but could
not support the bill because of
its potential restriction of credit.
HPC opposes legislation current-
ly being considered in the House
that would give judges the power
to alter mortgage terms in a
bankruptcy preceding.
The HPC does support
bipartisan legislation, H.R. 1427,to reform regulation of the
Government-sponsored Enter-
prises. HPC is working to
encourage Senate action to
strengthen oversight of the
GSEs in 2008. The HPC also
supports legislation passed by
the House and Senate that
would give the Federal Housing
Administration greater abilityto insure mortgages for low and
moderate-income borrowers.
The HPCs goals for 2008
are to support efforts to strength-
en the stability of the housing
finance system and to protect
buyers from predatory lending
practices, without permanently
restricting credit to Americans
seeking to purchase a home, as
well as to continue to expand
the HOPE NOW foreclosure
prevention effort to help
homeowners in distress.
Housing Policy CouncilMember Companies
American General Financial
Services, Inc./AIG
Assurant Specialty Property
Bank of America Corporation
BB&T Corporation
Citigroup Inc.
Countrywide Financial
Corporation
Fifth Third BancorpFirst Horizon National
Corporation
General Electric Company
GMAC Financial Services
Genworth Financial
H&R Block, Inc.
HSBC North America
Holdings, Inc.
J.P. Morgan Chase & Co.
National City Corporation
Nationwide
PMI Group
Popular Financial Holdings
State Farm Insurance Compani
SunTrust Banks, Inc.
Wachovia Corporation
Washington Mutual, Inc.
Wells Fargo & Company
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Community Build Day
More than 26,500 volunteersfrom 76 member companies in
all 50 states raised more than$3.8 million and assisted 3,500families in the most successfulCommunity Build Day in theRoundtables history.
When help is needed, employees of member
companies of The Financial Services Roundtable
are there to provide it. From June through August,employees of member companies reached out to give
back to their communities at virtually unprecedented
levels, including:
450 community builds
26,500 volunteers
263 cities
50 states and Puerto Rico
$3.8 million raised
3,500 families helped
112 election officials attended
78+million consumers reached through press hits
While Community Build Day initially focused on actual
community builds, the focus has now expanded to
include a variety of community service initiatives. In 2007
efforts included:
116 Back to School drives
96 repair/remodeling jobs
78 houses built
30 miscellaneous community projects
29 fundraising drives
27 food/clothing drives
27 charitable run/walks25 financial education programs
18 blood drives
17 education programs
2 environmental clean-ups
An Extended Focus, a New NameReflecting the expanded focus and the variety
of activities included, Community Build Day will
become Community Service 2008. For information
CommunityBuild Day 2007
Reaching Deeper,
Raising More
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Euler Hermes
Fifth Third Bank
First Commonwealth Financial
Corporation
First Horizon National Corp.
Ford Motor Credit Company
Frost
Fulton Financial Corporation
GE Money
Genworth FinancialGMAC Financial Services
Guaranty Financial Services a
Temple Inland Company
H&R Block
Harris Bankcorp, Inc.
HSBC - North America
John Deere Credit
KeyCorp
Lincoln Financial Group
M&T Bank
Monumental Life Insurance
Company
National City Corporation
Nationwide
Northern Trust
PNC Financial Services Group
Prudential Financial Inc.
RBC Centura Bank
State Street Corporation
SunTrust
Synovus
TIAA-CREF
Transamerica Occidental Life
Insurance Company
UBS
USAA
Wachovia Corporation
Waddell & Reed Financial, Inc.
Webster Financial Corporation
Western & Southern Financial
Group
Western Reserve Life Assuranc
Co. of Ohio
Whitney National Bank
Zions Bank
Partners
Americas Promise
Habitat for Humanity
NeighborWorks America
Points of Light Foundation
Rebuilding Together
USA Freedom Corps
on how your company can partic-
ipate, please contact Aleksia Ilic
Community Build DayNational SponsorsACE Group
AEGON USA, Inc.
Allstate Insurance CompanyAmerican General Financial
Services
Bank of the West
Barclays Capital
Capital One Financial
Corporation
Citi
Edward Jones
ING
MasterCard Worldwide
Merrill Lynch
Principal Financial GroupRaymond James
Regions Financial Corporation
State Farm Insurance
Toyota Financial Services
Unum
U.S. Bancorp
WaMu
Wells Fargo
Participating Companies
AEGON Direct MarketingServices. Inc.
Agents for Change
Allianz Life Insurance Company
of America
Allied Capital Corporation
American Express
Ameriprise Financial
Aon Corporation
Associated Banc-Corp
Assurant, Inc.
AXA Equitable
Banco PopularBank of America
Bank of Hawaii
BancorpSouth
BB&T
BNY Mellon
Charles Schwab & Co., Inc.
Charter One Bank
Citizens Bank
City National Bank
Commerce Bancshares, Inc.
Countrywide Financial
Corporation
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MyMoneyManagement.Net
With over 595,000 page viewssince November 2006,
MyMoneyManagement.netcelebrates its first anniversaryby expanding content to over200 pages and adding a newSpanish-language section.
MyMoneyManagement.net
was created for a single butundeniably important purpose:to reach out early in the processto consumers in financialtrouble by encouraging themto take advantage of theservices of a credit counselor.
Since its launch, the site has experienced phenomenalgrowth, with more than 12,000 visitors logging on
each month.
Those visiting the site benefited from new
content created in 2007. The areas covered include:
foreclosure prevention, featuring information on
the HOPE Now Alliance; how to cope with the
financial challenges brought on by life events,
such as marriage, divorce, bereavement, military
deployment, and starting a family; and, with the goal
of providing feedback that would be helpful in the
sites continuing evolution, the addition of a user
survey. The results of the survey to date have been
encouraging, with virtually 100% of the survey
responders indicating that they found the site helpful
or somewhat helpful.
MyMoneyManagement.net
Financial
EducationDelivered
Recognizing the need to reach out to thegrowing Spanish language audience, the site
added an extensive new section featuring 40
articles focusing on budgeting, how to plan
for emergencies, and home ownership.
MyMoneyManagement.net also produced
three publications targeting consumers in 2007,
including a booklet providing general information
on managing finances and becoming financially fit,
a second offering specific tips for consumers on
understanding their financial situation and how
to maintain financial security, and a third produced
in response to the housing crisis providing targeted
information for homeowners in financial distress.
Distribution of this booklet has already exceeded
7,500, with copies distributed to Congress,
Roundtable member companies, as well as to
nonprofit organizations.
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MyMoneyManagement.net is
but one of the many ways that
Round- table member companies
are proactively reaching out to ass
consumers in distress. With its
timely focus on consumer educati
the site is expected to continue
to grow and to reach increasing
numbers of consumers each mont
MyMoneyManagement.nPartnersAmerican Express Company
American General Finance
Corporation
Bank of America Corporation
The Bear Stearns Companies Inc.
Chase
CitiDiscover Financial Services, Inc.
Ford Motor Credit Company
General Electric Company
GMAC Financial Services
HSBC North America Holdings In
JPMorgan Chase & Co.
KeyBank
MasterCard Worldwide
Prudential Financial Inc.
Regions Bank
SunTrust
SynovusToyota Financial Services
TSYS (Synovus)
US Bank
VISA
Wachovia
Wells Fargo & Company
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SecurityConvened a Wireless Security Forum
In June 2007, BITS hosted a foru
on topics ranging from WiFi
administration to mobile banking
Experts focused on the business
context, security concerns, regula-
tion, and collaboration in these
three areas.
Defined secure email protocols and
promoted their adoption by members
and partners. BITS published its
Email Security Toolkit, urging
financial services institutions,
their service providers, and
business partners to adopt
important non-proprietary emailprotocols to attain a higher level
of confidence in security.
Developed best practices for day-to-d
management of encryption keys.
Encryption is increasingly
important as a tool to protect
personally identifiable information
and effective key management
is essential to ensuring the integri
of encrypted data.
Defended security and fraud
professionals access to ICANNs
Whois database. In two comment
letters to the Internet Corporation
for Assigned Names and Number
(ICANN), BITS successfully urge
continued access to this database
used by financial institutions to
combat fraud and phishing.
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Identified application security and endpoint security as critical
issues for 2008. The continuing evolution of the Web
and mobile technologies raises important security
considerations. BITS will host a forum in March 2008
on Securing Web-based Business Applications.
Fraud
Developed mortgage fraud consumer education andawareness toolkit. Written for the consumer audience,
the kit includes a simple definition of mortgage fraud
and provides examples and red flags for today's common
mortgage fraud schemes.
Assembled a bibliography of debit card fraud resources. This
resource list includes publicly available research papers
and articles as they relate to debit card/ATM fraud.
Hosted a forum on internet fraud. 130 representatives from
85 companies, regulatory agencies, and law enforcementagencies discussed strategies for mitigating the risk of
internet fraud.
Identified a range of approaches and best practices for
managing remote channel fraud risk. BITS continued its
work in combating remote-channel fraud by categorizing
the various online banking channels, the risks inherent
to each channel, and the various control strategies
associated with each risk.
Scoping inter-disciplinary issues for 2008, including phone
center and PC authentication. The BITS Steering Fraud
Committee has discussed the best organizational
and technology approaches to managing cross channel
risk and to effectively sharing their learning.
Vendor ManagementConvened the 6th Annual Outsourcing Conference. More
than fifty financial institution representatives and sixty
industry partners focused on the strategic issues in
outsourcing, including the key drivers, risk management
strategies, cross-cultural challenges, and the regulatory
landscape at a conference sponsored by BITS and its
partners.
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Hosted roundtables on such topics as
access, offshore collections, privacy,
and contracts. These industry
gatherings gave members valuable
opportunities to share information
and learn from each other.
Released Shared Assessments 3.0,
reducing mandatory questions from2,100 to 150. The Financial
Institution Shared Assessments
Program, managed on BITS behalf
by The Santa Fe Group, released
an enhanced and streamlined
Version 3.0 of the Standardized
Information Gathering (SIG)
questionnaire in October 2007.
Expanded Shared Assessments to
50 firms, 100 assessments, and four
countries. Shared Assessments is
gaining notice internationally,
including Brazil, India, Canada
and Singapore. Companies
operating in other industries,
including health care, are increas-
ingly interested in using Shared
Assessments for their environment
and risk management programs.
Regulation
Filed eight comment letters on:
Identity Theft
National IDs
Short Privacy Notices
Social Security Numbers
ICANNS Whois Database
Internet Gambling
Letters were filed with both
our financial and non-financial
regulators:
Federal Reserve System
Comptroller of the Currency
Office of Thrift Supervision
National Credit Union
AdministrationSecurities and Exchange
Commission
Commodities Futures Trading
Commission
Federal Deposit Insurance
Corporation
Department of Treasury
Federal Trade Commission
Office of Management and Budge
Social Security AdministrationDepartment of Commerce
Testified and briefed Congress on
threats, industry practices, and
government oversight.
Created a dialogue with regulators
in multiple BITS conferences,
committees, and calls by speaking
at conferences and meetings
hosted by regulators.
Updated information technology
examiners of regulatory agencies
on BITS efforts and tools,
including the BITS Shared
Assessments Program.
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ITAC
ITAC has helped more than30,000 consumers restoretheir financial identities since2004, making ITAC the goldstandard of resolution services.
Established to assist identity
theft victims in restoring theirfinancial reputation, ITACsends a clear message that thefinancial services industry ispart of the solution not the problem.
ITACs impact on consumers ITAC is profound,
as illustrated by the relief and gratitude reflectedin the real stories that can be found online at
www.identitytheftassistance.org.
In 2007, ITAC continued to build on its success with
consumers and law enforcement to deliver a powerful
and credible message to Capitol Hill and to help shape
and influence the public dialog on identity theft and
data breach.
The business and political risks posed by identity
theft and data breaches continue to evolve, making
industry leadership in creating non-legislative solutions
increasingly important. ITACs role as a nonprofit,
industry consortium has been recognized by policymak-
ers and other stakeholders as a proven strategy to fight
identity theft. With every victim ITAC helps and every
criminal arrested, ITAC validates its guiding principle,
Our Purpose, Your Protection.
The IdentityTheft AssistanceCenter (ITAC)
Thought Leader,
BusinessPartner
22 THE FINANCIAL SERVICES ROUNDTABLE
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ITAC Member Companies
AEGON USA, Inc.
Assurant, Inc.
BancorpSouth, Inc.
BancWest Corporation
Bank of America Corporation
The Bank of New York Mellon
BB&T Corporation
Capital One Financial Group,Inc.
Citigroup, Inc.
Citizens Financial Group, Inc.
City National Corporation
Comerica Incorporated
Compass Bancshares, Inc.
Countrywide Financial
Corporation
Edward Jones
Fidelity Investments
First Horizon National
CorporationFord Motor Credit Company
Frost Bank
General Electric Company
Genworth Financial
GMAC Financial Services
Harris Bankcorp, Inc.
HSBC North America Holding
Inc.
Huntington Bancshares
Incorporated
KeyCorp
MasterCard IncorporatedNational City Corporation
Nationwide
Northern Trust Corporation
Popular, Inc.
PNC Financial Services Group,
Inc.
RBC Centura Bank, Inc.
Regions Financial Corporation
State Farm Insurance Compani
SunTrust Banks, Inc.
Synovus
Toyota Financial Services
UnionBanCal Corporation
U.S. Bancorp
Wachovia Corporation
Wells Fargo & Company
Whitney Holding Corporation
Today ITAC is a leading
resource for data and commentary
related to identity theft, fraud, and
data breaches. At a time of rising
consumer fear of identity theft and
with the call for legislative solutions
continuing unabated, ITAC serves
as the trusted source for reporters,
Capitol Hill, academics, and others
seeking an unbiased, authoritative
perspective. ITACs thought
leadership validates the objectives
of The Financial Roundtable and
BITS: That the industry has a
unified and comprehensive strategy
to fight identity crime.
ITACs key strategic
partnerships in 2007 included:ID Safety (www.idsafety.org).
An initiative of the International
Association of Chiefs of Police
(IACP) and Bank of America,
ID Safety provides police with tools
and information to help victims
and investigate identity crime.
The National Computer Forensic
Institute. Established in 2007 by the
Alabama District Attorneys
Association and the U.S.
Department of Homeland Security,
the Institute will train investigators
from around the country in
techniques to extract digital
information, analyze it and pre-
serve it for presentation to a jury.
In 2008, ITAC will introduce
ITAC Sentinel, the only identity
protection service that includes
ITAC victim assistance. ITAC
Sentinel advances two key elements
of ITACs mission: making ITAC
victim assistance available to all
consumers and helping ITAC
members protect their customers
from identity fraud.
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Agents for Change
A trade association of insurance
agents and brokers from acrossall lines of insurance, Agents forChange continues to work tosimplify regulation for agents,brokers, and insurers.
Grassroots support from the
producer community is key tothe enactment of an optionalfederal charter (OFC) andAgents for Change is seen as aleader on this issue by Congress,the press, and other trades.
In 2007, due in part to the efforts of Agents
for Change, Senators Tim Johnson (D-SD) and
John Sununu (R-NH) reintroduced the National
Insurance Act of 2007 (S. 40) on May 24.
Additionally, Representatives Melissa Bean (D-IL)
and Ed Royce (R-CA) introduced companion
legislation (H.R. 3200) by the same name in the
House of Representatives on July 26. This was the
first year bipartisan OFC legislation was introduced
in both houses of Congress and it is considered a
major victory for proponents of an OFC. Moreover,
two hearings were held in October in a House
Financial Services Subcommittee on the need for
insurance regulation reform.
Membership in Agents for Change increased 50
percent in 2007 to over 4,500 members nationwide.
Members attended 59 meetings with legislators
Agents ForChange
Continues To
Grow And GainMomentum
24 THE FINANCIAL SERVICES ROUNDTABLE
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and/or their staff, with nineteen
of these meetings held in the
members district. Three hundr
twenty five members of Agents
for Change signed an open lette
to Congress urging their suppor
of an OFC. Additionally, Agent
for Change has generated more
than 1,000 personalized letters
to Congress.
Agents for Change continue
to enjoy a wide profile. In June
members of the Board of Dir-
ectors met with David Nason,
Assistant Secretary for Financia
Institutions, U.S. Department
of the Treasury, to request
support for regulatory reform.Additionally, in November, the
Board sent a letter to Treasury
Secretary Paulson in response t
the request for comments on th
regulatory structure associated
with financial institutions.
The growth of Agents for
Change also extended to the
support received from Round-
table member companies, with
the number growing from
18 to 22 in 2007.
With the focus now shifting
to securing co-sponsors of the
legislation, members of Agents
for Change will continue to
ensure that their federally elect
officials understand that their
constituents who sell insurance
products support an OFC.
"Simplifying Regulation for Agents and Brokers..."
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Looking to the Future
Specific recommendations to
enhance American competitive-ness and to prevent and preparefor future mega catastrophes wereprovided by three studies releasedin 2008.
Not only do the member
companies of The FinancialServices Roundtable representthe companies that fuel Americaseconomic engine, the companiesthemselves consist of individu-als uniquely qualified toexamine some of the mostcritical issues facing our
country today and providespecific and detailed policyrecommendations to betterprepare our country forthe future.
The Roundtable-formed Blue Ribbon Commission
on Mega Catastrophes released A Call To Action. The
Roundtable also released two publications that makes
a compelling case for principles-based regulation:
The Compliance Function in Diversified Financial
Institutions and The Blueprint for U.S. Financial
Competitiveness.
Mega-Catastrophes: The Key is Preparation
The Blue Ribbon Commissions report on mega-catas-
trophe preparedness recommended a series of steps the
26 THE FINANCIAL SERVICES ROUNDTABLE
Looking ToThe Future
The Roundtable
Takes The Lead
federal government must take to reduce the threat to
lives and the global economy, including investing in
vaccine and technology development, investing inmedical personnel and equipment to effectively treat
the afflicted, and ensuring that all firms including
financial services companies implement a pandemic
preparedness plan.
In addition, the report provided a series of recom-
mendations specific to Katrina, while also acknowledg-
ing that the issues facing New Orleans and the Gulf
Coast have repercussions for future events, including
man-made disasters. Specifically, the Commission
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2008 OfficersBoard of Directors
DirectorsTerm Expiring 2008
Term Expiring 2009
Term Expiring 2010
CHAIRMANTHOMAS A. RENYI
The Bank of New YorkMellon Corporation
CHAIRMAN-ELECTCHRISTOPHER M. CONDRON
AXA Financial, Inc.
IMMEDIATE PASTCHAIRMAN
THOMAS A. JAMESRaymond James Financial, I
DAVID R. NISSENGeneral Electric Company
Executive Committee Member
RALPH W. BABB, JR.Comerica Incorporated
KENNETH R. DUBUQUEGuaranty Financial Services
LIAM E. MCGEEBank of Americ
Corporation
KERRY K. KILLINGERWashington Mutual, Inc.
Executive Committee Member
PAUL S. BEIDEMANAssociated Banc-Corp
MICHAEL D. FRAIZERGenworth Financial
DAVID W. KEMPCommerce Bancshare
RICHARD K. DAVISU.S. Bancorp
Executive Committee Member
RICHARD L. CARRIONPopular Inc.
RUSSELL GOLDSMITHCity National Corporation
J. BARRY GRISWELPrincipal Financial G
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BITS CHAIRMANEDWARD B. RUST, JR.
State Farm Insurance Companies
TREASURERDONJ. MCGRATH
BancWest Corporation
JAMES E. ROHRThe PNC FinancialServices Group, Inc.
DONALDJ. SHEPARDAEGON USA, Inc.
RAYMOND A. MASONLegg Mason, Inc.
WILLIAMJ. NUTTAffiliated Managers Group, Inc.
WILLIAM L. WALTONAllied Capital
THOMASJ. MCINERNEYING Insurance Americas
ARTHURF. RYANPrudential Financial Inc.
JOHN G. STUMPFWells Fargo & Company
ROBERT WOLFUBS
HENRY L. MEYER IIIKeyCorp
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Assets
Cash and cash equivalents
Accounts receivable
Due from ITAC
Prepaid expenses
Investments
Property and equipment, net
Deposits
Deferred compensation assets
Total assets
Liabilities and Net Assets
Liabilities
Accounts payable
Accrued expenses
Deferred assessment income
Deferred rent
Accrued deferred compensation
Total liabilities
Net Assets
Unrestricted:
Undesignated
Housing Policy Council
Anthony T. Cluff Research Fund
Total unrestricted
Total liabilities and net assets
2007
$ 4,639,132160,135
88,764
145,082
3,992,315
1,409,717
85,267
1,398,323
$11,918,735
$ 321,116
2,436,524
1,770,865
247,818
1,473,680
6,250,003
4,464,213
887,189
317,330
5,668,732
$11,918,735
2006
$ 5,294,315106,322
112,938
237,563
3,997,501
1,684,636
61,642
1,305,652
$12,800,569
$ 514,565
1,811,087
2,242,639
286,692
1,305,652
6,160,635
5,579,737
811,004
249,193
6,639,934
$12,800,569
30 THE FINANCIAL SERVICES ROUNDTABLE
Dear Reader,
The following financial information was derived
from the Roundtables audited financial statements,
which contained an unqualified opinion from
Rogers & Company PLLC, Vienna, Virginia
dated February 27, 2008. The audited financial
statements were reviewed by the Roundtable Board
of Directors and the Audit Committee, Chaired
by Mr. Don J. McGrath, BancWest.
The Financial Services RoundtableStatements of Financial Position
December 31, 2007 and 2006
A complete copy of this audit is available
from Chief Financial Officer George Forsberg,
[email protected], or you may contact me
directly, [email protected].
Sincerely,
Steve BartlettPresident and CEOThe Financial Services Roundtable
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The Financial Services RoundtableStatements of Activities
For the Years Ended December 31, 2007 and 2006
Unrestricted Revenue and Support
Membership duesCoalition revenue
Meetings
Investment income
Community Build Day
Other income
Council on Consumer Finance Grant Fund
Total revenue and support
Expenses
Program services:Roundtable services:
Executive Thought Leadership
Government Affairs
Meetings and member activities
Communications and Special Projects
Membership
Total Roundtable services
BITS
Housing Policy Council
Coalition activities
Council on Consumer Finance Operations
Community Build Day
Agents for Change
Anthony T. Cluff Research Fund
Council on Consumer Finance Grants
Total program services
General and administrative
Total expenses
Change in Net Assets before effect of adoption of SFAS No. 158
Cumulative effect of change in accounting principle
Change in Net Assets
Net Assets, beginning of year
Net Assets, end of year
2007
$13,010,104888,761
703,911
560,609
330,000
18,389
-
15,511,774
1,930,495
1,356,069
1,141,287
610,697
193,882
5,232,430
3,755,439
1,689,515
911,645
635,693
384,688
298,841
151,508
-
13,059,759
3,004,758
16,064,517
(552,743)
(418,459)
(971,202)
6,639,934
$ 5,668,732
2006
$12,281,725863,323
935,398
531,796
187,500
164,812
3,582,215
18,546,769
2,003,688
1,558,336
1,041,221
641,937
143,913
5,389,095
3,362,397
1,673,621
859,543
677,425
254,318
211,961
114,318
3,582,215
16,124,893
2,772,217
18,897,110
(350,341)
-
(350,341)
6,990,275
$ 6,639,934
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The Financial Services RoundtableStatements of Cash Flows
For the Years Ended December 31, 2007 and 2006
Cash Flows from Operating Activities
Change in net assetsAdjustments to reconcile change in net assets to net cash
used in operating activities:
Depreciation
Net realized and unrealized losses (gains)
Adoption of SFAS No. 158
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable
Decrease (increase) due from ITAC
Decrease in prepaid expenses
Increase in deposits (23,625) (24,570)(Increase) decrease in deferred compensation assets
Decrease in accounts payable
Increase in accrued expenses
(Decrease) increase in deferred assessment income
Decrease in deferred rent
Increase (decrease) in accrued deferred compensation
Decrease in grant liability due
Net cash used in operating activities
Cash Flows from Investing Activities
Proceeds from sale of investments
Purchase of investments
Purchase of property and equipment
Net cash used in investing activities
Net Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents, beginning of year
Cash and Cash Equivalents, end of year
2007
$ (971,202)
337,168
7,914
418,459
(53,813)
24,174
92,481
(23,625)
(92,671)
(193,449)
206,978
(471,774)
(38,874)
168,028
-
(590,206)
533,321
(536,049)
(62,249)
(64,977)
(655,183)
5,294,315
$ 4,639,132
2006
$ (350,341)
342,000
(2,502)
-
972,740
(47,742)
76,240
(24,570)
1,190,033
(185,597)
401,780
1,021,796
(38,874)
(1,190,033)
(5,011,674)
(2,846,744)
2,897,000
(3,068,582)
(1,647,386)
(1,818,968)
(4,665,712)
9,960,027
$ 5,294,315
32 THE FINANCIAL SERVICES ROUNDTABLE
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The MissionThe Financial Services Roundtable
To be the premier executive forum for the leaders
of the financial services industry.
To provide powerful legislative and regulatory
advocacy.
To enhance the industrys public reputation.
Led by BITS, to promote best practices and a
strong infrastructure in technology.
Core Beliefs
Large, integrated financial services companies
finance most of the nations economy and are
critical to its sustained growth. Large is defined
as one of the largest 150 financial services
companies in the United States.
The competitive marketplace should largely govern
the delivery of products and services, and
regulation should provide safety and soundness,
and consumer protections.
Uniform national standards across state lines are
critical for the efficient and effective delivery
of products and services.
The effective use of technology is essential for
the delivery of services in this new industry.
Governing Principles
Strategic Focus
Advocacy is the Roundtables Job One.
The breadth of policy issues affecting our members
adds to our advocacy strength.
A positive public reputation enhances advocacy, but
must be targeted carefully and managed efficiently.
Roundtable meetings offer financial services
executives a useful venue to network with their
peers and other executives.
Strengthening technology is an integral part of
our mission.
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Carrie M. Neckorcuk
VICE PRESIDENT OF HUMAN RESOURCES AND ADMINISTRATION
Connie NelsonPROJECT MANAGER-GOVERNMENT AFFAIRS
Melissa Netram
DIRECTOR OF REGULATORY AND SECURITIES AFFAIRS
Cindy G. Nettles
ASSISTANT TO THE PRESIDENT
Christeen Phelps-Butler
DEPUTY DIRECTOR OF MEETINGS AND EVENTS
Sharon Salter
SENIORVICE PRESIDENT OF MEETINGS AND EVENTS
Jennifer Smith
VICE PRESIDENT FORPUBLIC AFFAIRS
Sharon Smith
GOVERNMENT AFFAIRS ADMINISTRATOR AND PAC MANAGER
Scott E. Talbott
SENIORVICE PRESIDENT OF GOVERNMENT AFFAIRS
Kristen M. Washington
DIRECTOR OF MEMBERSHIP AND INFORMATION SERVICES
Kim A. Wheelbarger
SENIOREXECUTIVE ASSISTANT TO THE EXECUTIVE DIRECTOR
Lenora Wright-Williams
RECEPTIONIST/FRONT DESKCOORDINATOR
StaffThe Financial Services Roundtable
Steve Bartlett
PRESIDENT & CEO
Richard M. WhitingEXECUTIVE DIRECTOR AND GENERAL COUNSEL
Andrew Barbour
VICE PRESIDENT FORINSURANCE, TECHNOLOGY AND
INTERNATIONAL AFFAIRS
Paul J. Begey
DIRECTOR, GOVERNMENT AFFAIRS
Brenda Bowen
GOVERNMENT AFFAIRS SPECIALIST
Marquita Brown
ACCOUNTS PAYABLE CLERK
Keosha Burns
COMMUNICATIONS MANAGER
Irving E. Daniels, Jr.
VICE PRESIDENT FORBANKING AND SECURITIES
George D. Forsberg, CPA
CHIEF FINANCIAL OFFICER
Deirdre Graham
EVENTS COORDINATOR/OFFICE ASSISTANT
Blake Grimm
MEMBERSHIP ASSISTANT AND WEBMASTER
Aleksia Ilic
PROJECT MANAGER, COMMUNITY SERVICE 2008,
COUNCIL ON CONSUMERFINANCE
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BITS
Leigh Williams
PRESIDENT OF BITS
Tanya Bailey
VICE PRESIDENT, MEETINGS AND EVENTS
Wattie Bennett
EXECUTIVE ASSISTANT
John Carlson
SENIORVICE PRESIDENT, REGULATORY AFFAIRS
John A. Ingold
DIRECTOR, VENDORMANAGEMENT
Andrew Kennedy
PROJECT ADMINISTRATOR
Ann Patterson
VICE PRESIDENT, COMMUNICATIONS
Matt RibePROJECT MANAGER
Paul Smocer
VICE PRESIDENT, SECURITY
Heather Wyson
DIRECTOR, FRAUD
Housing Policy Council
John Dalton
PRESIDENT OF THE HPC
Paul M. Leonard
VICE PRESIDENT OF GOVERNMENT AFFAIRS, HPC
Katie Stevens
EXECUTIVE DIRECTOR, HOPE, GOVERNMENT AFFAIRS MANAGER,
HOUSING POLICY COUNCIL
Ryan Caruso
GOVERNMENT AFFAIRS ASSISTANT, HOUSING POLICY COUNCIL
Identity Theft Assistance Center
Anne Wallace
PRESIDENT
Agents for Change
Peter Ludgin
EXECUTIVE DIRECTOR
Independent Contractors
John Doyle
BLUE RIBBON COMMISSION ON COMPETITIVENESS
Consultants
William Longbrake
CONSULTANT
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Member Companies
The Financial Services Roundtable
AEGON USA, Inc.
Affiliated Managers Group, Inc.
Allianz Life Insurance Company of North AmericaAllied Capital Corporation
The Allstate Corporation
American International Group, Inc. (AIG)
Ameriprise Financial, Inc.
Aon Corporation
Associated Banc-Corp
Assurant, Inc.
AXA Financial, Inc.
BancorpSouth, Inc.
BancWest Corporation
Bank of America Corporation
Bank of Hawaii Corporation
The Bank of New York Mellon Corporation
Barclays Capital, Inc.
BB&T Corporation
Capital One Financial Corporation
The Charles Schwab Corporation
The Chubb Corporation
Citigroup Inc.
Citizens Financial Group, Inc.
City National Corporation
Comerica Incorporated
Commerce Bancshares, Inc.Compass Bancshares, Inc.
Countrywide Financial Corporation
Cullen/Frost Bankers, Inc.
Edward Jones
Federated Investors, Inc.
Fidelity Investments
Fifth Third Bancorp
First Commonwealth Financial Corporation
First Horizon National Corporation
Ford Motor Credit Company
Fulton Financial Corporation
General Electric CompanyGenworth Financial
GMAC Financial Services
Guaranty Financial Services
Harris Bankcorp, Inc.
The Hartford Financial Services Group, Inc.
HSBC North America Holdings, Inc.
Huntington Bancshares Incorporated
ING
John Deere Credit Company
John Hancock Financial Services, Inc
JPMorgan Chase & Co.
KeyCorp
Legg Mason, Inc.Lincoln National Corporation
M&T Bank Corporation
Marshall & Ilsley Corporation
MasterCard Incorporated
Merrill Lynch & Co., Inc.
Mutual of Omaha Insurance Company
National City Corporation
Nationwide
The NASDAQ Stock Market, Inc.
Northern Trust Corporation
The PMI Group, Inc.
The PNC Financial Services Group, Inc.Popular, Inc.
Principal Financial Group
Protective Life Corporation
Prudential Financial Inc.
Raymond James Financial, Inc.
RBC Centura Banks, Inc.
Regions Financial Corporation
Safeco Corporation
State Farm Insurance Companies
State Street Corporation
SunTrust Banks, Inc.
SynovusTD Banknorth Inc.
TIAA-CREF
Toyota Financial Services
UBS
UnionBanCal Corporation
United Bankshares, Inc.
Unum
USAA
U.S. Bancorp
Visa, Inc.
Wachovia Corporation
Waddell & Reed Financial, Inc.Washington Mutual, Inc.
Webster Financial Corporation
Wells Fargo & Company
Western & Southern Financial Group
Whitney Holding Corporation
Zions Bancorporation
Zurich Financial Services
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THE FINANCIAL SERVICES ROUNDTABLE1001 Pennsylvania Avenue, N.W., Suite 500 South
Washington, DC 20004202-289-4322 T202-628-2507 [email protected]
www.fsround.org