Payment Systems Risk Symposium

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2015 Program

Pre-Conference Payments System Risk Symposium

Co-Sponsored with Federal Reserve Bank of New York

1:30pm — 5:15pm

1:30 — 1:50pm

Welcome and Opening Remarks: Jim Aramanda
President and Chief Executive Officer, The Clearing House

Keynote Speaker: Margaret E. “Lyn” McDermid
Chief Information Officer, Federal Reserve System

Resiliency in the Face of Catastrophe: Maintaining Participant FMU Capabilities in the Face of Catastrophic System Failures.

1:50 — 2:50pm

Whether from possible cyber attack or other cause, maintaining participant operational connectivity with FMUs is critical to the smooth functioning of the financial system. This panel will examine participant business continuity planning best practices from both the FMU and participant perspectives as well as work being done at the industry level to examine contingency needs for catastrophic participant system failures.


  • Naresh Nagia
    Executive Vice President and Chief Risk Officer, CLS Bank International
  • Isabel Schmidt
    Managing Director, Head of Institutional Cash Market Management, GTB, Deutsche Bank
  • Stuart Sperry
    Deputy Associate Director, FMI Oversight, Division of Reserve Bank Operations and Payment Systems, Federal Reserve Board of Governors

Moderator: Jennifer Fitzgibbon
Principal, Financial Services Office, Ernst & Young LLP


2:50 — 3:00pm

Liquidity Constraints and Preventing Systemic Contagion: Managing Liquidity in an Uncertain World.

3:00 — 4:00pm

Heightened concerns regarding potential liquidity constraints in times of stress have led to increased expectations that FMUs will effectively measure, monitor and manage the liquidity risk that arises in or is borne by the FMU. This panel will explore effective operational and analytical tools for use in liquidity management, including simulation testing and modeling at both the participant and FMU level, and other issues related to managing liquidity risk.


  • Rob Ceske
    Principal, Advisory, KPMG
  • Joel D. Feazell
    Managing Director, Corporate Treasury, BNYMellon
  • Melissa Leistra
    Manager, FMI Oversight, Federal Reserve Board
  • Dean Vartin
    Risk Manager, The Clearing House

Moderator: Lee Kyriacou
Managing Director, Novantas

Reflections from the FMU World: Principles for Financial Market Infrastructures and Increased Regulatory Expectations One Year Later.

4:00 — 5:15pm

One year into the formal adoption of new risk management standards for FMUs, this panel will examine the lessons learned and developing issues surrounding the intersection of the Principles for Financial Market Infrastructures, regulatory expectations, and FMU and participant practices.


  • Russ Fitzgibbons
    Chief Risk Officer, Executive Vice President, The Clearing House
  • Michele M. Fleming
    Executive Vice President and Chief Compliance Officer, CLS Bank International
  • Stephanie Heller
    Deputy General Counsel, Senior Vice President, Federal Reserve Bank of New York
  • Jennifer Lucier
    Deputy Associate Director, FMI Risk and Policy, Board of Governors of the Federal Reserve System

Moderator: Jeff Stehm
Director, Promontory Financial Group, LLC

CLE Ethics Session: Cross-Border Developments and Trends in Conduct, Accountability and Corporate Governance

4:00pm — 5:15pm

Bank supervisors and international standard setters have encouraged banking organizations to enhance their governance practices to promote appropriate behavior. There has been additional supervisory emphasis on how standards of appropriate behavior are communicated throughout the organization and embedded in internal policies and practices. Panelists will discuss the challenge of building policies in this area, efforts by international standard setters to develop industry-level ‘codes of conduct’ and practices employed by individual institutions at both the firm and business-unit levels to communicate and monitor standards of conduct that encourage integrity and ethical values.

Introduction: Gregory Baer
President, The Clearing House Association; Executive Vice President and General Counsel, The Clearing House Payments Company


  • Chris Allen
    Global Head of Regulatory Policy, Barclays
  • Catherine Brown
    Partner, Financial Services, Oliver Wyman
  • Christine L. Meuers
    Head, Ethics Program Office, Wells Fargo & Company
  • Reena Sahni
    Partner, Shearman & Sterling LLP
  • Molly Scherf
    Deputy Comptroller for Large Banks, Office of the Comptroller of the Currency

Moderator: Barnabas W.B. Reynolds
Partner, Shearman & Sterling LLP

Conference Kickoff Reception

5:30pm — 6:30pm

Conference Kickoff Dinner on Innovation in the Digital Revolution

6:30pm — 8:30pm

Welcome Remarks and Introduction: Jim Aramanda
President and Chief Executive Officer, The Clearing House

Keynote Speaker: Walter Isaacson
Best-selling Author, Acclaimed Historian and Journalist; President and Chief Executive Officer, The Aspen Institute

Conference Breakfast

8:00am — 9:15am

Welcome Remarks: Jim Aramanda
President and Chief Executive Officer, The Clearing House

Introduction: Gregory Baer
President, The Clearing House Association; Executive Vice President and General Counsel, The Clearing House Payments Company

Keynote Speaker: To Be Announced

Views on the Current State and the Future of Banking

9:15am — 10:15am

Regulation, technology, the growth of non-bank financial institutions, and changing consumer demands are re-shaping the banking industry. This panel convenes leading experts with an outside perspective on the industry for an in-depth discussion on the current state and the future of the commercial banking landscape.


  • Eugene Ludwig
    Founder and Chief Executive Officer, Promontory Financial Group, LLC
  • James McCormick
    President and Founder, First Manhattan Consulting Group
  • Thomas Michaud
    President and Chief Executive Officer, Keefe, Bruyette & Woods

Moderator: H. Rodgin Cohen
Senior Chairman, Sullivan & Cromwell LLP


10:15am — 10:30am

Shaping the Bank Balance Sheet in View of Basel III Capital and Liquidity Regulation

10:30am — 11:30am

Heightened supervisory and regulatory standards in asset liability management are reshaping large bank short-term and long-term asset liability management practices. Panelists drawn from the country’s top regulators, treasurers of the largest banks in the country and bank advisors will describe these recent developments and the impacts of capital and liquidity reform proposals on markets, market participants and the overall economy.


  • Eric Aboaf
    Chief Financial Officer, Citizens Financial Group, Inc.
  • Michael Gibson
    Director, Banking Supervision and Regulation, Board of Governors of the Federal Reserve System
  • Dave Gutschenritter
    Executive Vice President and Treasurer, State Street
  • John Trohan
    Managing Director, Treasurer, MUFG Union Bank

Moderator: Adam Gilbert
Partner and Global Regulatory Leader, Financial Services Advisory Practice, PricewaterhouseCoopers LLP

Decrypting Crypto Currency

10:30am — 11:30am

People tend to either blindly embrace alternate currencies such as Bitcoin, Ripple and Stellar as the future of money, or they reject crypto currency out of hand as too risky or unsavory for serious consideration. Neither approach is based on a good understanding of the potential, and the limitations, of this new technology. This session explores the range of applications for crypto-currency protocols, from payments to complex financial transactions.


  • Bart Cant
    Principal, Capgemini Financial Services
  • John Collins
    Head of Policy, Coinbase
  • Cheryl Gurz
    Managing Director and Global Bank Segment Manager, Treasury Services, BNYMellon
  • Michael H. Krimminger
    Partner, Cleary Gottlieb Steen & Hamilton LLP
  • Blythe Masters
    Chief Executive Officer, Digital Asset Holdings

Moderator: Steve Ledford
Senior Vice President, Product Development and Strategy, The Clearing House


11:30am — 11:35am

Risk Management: Present and Future

11:35am — 12:35pm

Effective risk management continues to be a top priority for financial institutions and the U.S. banking agencies. Increased regulatory mandates and the evolution of risks faced by financial institutions have led to significant changes in risk management practices in the financial services industry. Panelists will discuss key developments in risk management, provide their views on potential future risks to the banking sector, and how financial institutions are preparing to deal with emerging challenges.


  • Ken Abbott
    Managing Director and Chief Risk Officer, Americas, Barclays
  • Timothy P. Clark
    Senior Associate Director, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System
  • Geoffrey Greener
    Chief Risk Officer, Bank of America
  • Joseph Rockey
    Chief Risk Officer, The PNC Financial Services Group

Moderator: Peter Davis
Principal, Financial Services, Ernst & Young LLP

Wallet Wars: Consumer Demands, Technology, Security and the Future of Mobile Payments

11:35am — 12:35pm

Since the dawn of e-commerce, entrepreneurs and incumbents have pursued the holy grail of the digital wallet, with over 200 failed attempts. Now, with formidable entrants such as Apple and Google having launched new wallet products, or retooled prior offerings, it is widely posited that consumers, merchants and banks will rapidly adopt and migrate away from physical cards. This panel will review the major wallet offerings, including customer experience, merchant value proposition, economics and safety/security. We will review market positioning of technology companies -- both incumbents and startups -- as well as banks, merchants and telcos, along with potential combination from disruptive models such as Bitcoin wallets. We will also discuss safety/soundness, privacy, public policy and regulatory implications.


  • Dekkers Davidson
    Former Chief Executive Officer, Merchant Customer Exchange
  • David Godsman
    Digital Payments and Commerce Executive, Bank of America
  • Charles M. Horn
    Partner, Morgan, Lewis & Bockius LLP
  • Gavin Michael
    Managing Director, Head of Digital, JPMorgan Chase & Co.

Moderator: Dave Fortney
Executive Vice President, Product Development and Management, The Clearing House

Conference Lunch

12:35pm — 1:50pm

Introduction: Paul Harris
Secretary and General Counsel, KeyCorp

Keynote Speaker: Jerome Powell
Governor, Board of Governors of the Federal Reserve System


1:50pm — 2:00pm

The Chairman’s Panel: Strategic Views on the Evolution of the Banking Industry

2:00pm — 3:00pm

The landscape for the commercial banks in the United States continues to evolve in response to the overall business and interest rate environment, rapid technological change, shifts in customer demands, the new regulatory framework and increased competition from non-banks.  This panel convenes CEOs from TCH Owner Banks to discuss how banks are changing and the implications of these changes for the banking sector, bank customers, and the economy as a whole.  


  • William Demchak
    Chairman, President and Chief Executive Officer, The PNC Financial Services Group
  • Joe Gold
    Chief Executive Officer, Americas, Barclays PLC
  • Bharat Masrani
    Group President and Chief Executive Officer, TD Bank Group
  • Brian Moynihan
    Chairman of the Board and Chief Executive Officer, Bank of America

Moderator: Toos Daruvala
Director, McKinsey & Company


3:00pm — 3:15pm

Developing Supervisory Priorities and Approaches Aimed to Promote Financial Stability and Compliance

3:15pm — 4:15pm

In recent years, U.S. banking agencies have implemented – and they continue to explore additional - changes in supervisory tools and methods aimed at promoting financial stability and effective compliance. These include a more risk-based, forward-looking approach to supervision, an expanded scope of supervision to incorporate macroprudential and resolvability considerations and enhanced dialogue with institutions around issues such as corporate governance. The panelists will discuss key developments and trends that will shape global and U.S. bank supervision in years to come, including: the development of new supervisory frameworks, including for the U.S. operations of foreign banking organizations, “heightened standards” reviews of the risk and corporate governance of large national banks, and the implementation of the Federal Reserve’s supervisory framework for large banking institutions.


  • Lissa Lamkin Broome
    Wells Fargo Professor of Banking Law and Director of the Center for Banking and Finance, UNC School of Law
  • Martin Pfinsgraff
    Senior Deputy Comptroller for Large Bank Supervision, Office of the Comptroller of the Currency
  • Bruce Richards
    Senior Vice President and Head of Complex Financial Institutions Group, Federal Reserve Bank of New York
  • Peggy Twohig
    Assistant Director of Supervision Policy, Consumer Financial Protection Bureau

Moderator: Reginald J. Brown
Partner, WilmerHale

Assessing Tools for the Recovery and Resolution of CCPs

3:15pm — 4:15pm

What are the appropriate recovery tools for CCPs? What would an effective resolution regime look like for CCPs? Can we leverage the legal framework for bank resolution for CCP resolution?


  • Greg Fell
    Managing Director and Global Head of FMI, Citigroup
  • Barbara Novick
    Vice Chairman, BlackRock
  • Marnie Rosenberg
    Executive Director, Global Head of Clearinghouse Risk, Strategy and Advisory, JPMorgan Chase & Co.
  • David Weisbrod
    Chief Executive Officer, LCH.Clearnet LLC

Moderator: Edward Rosen
Partner, Cleary Gottlieb Steen & Hamilton LLP

Bringing Real-time Payments to Market

3:15pm — 4:15pm

Real-time payments have the potential to change financial services for consumers and businesses in fundamental ways, but only if financial institutions develop innovative products. Panelists will discuss how features such as immediate funds transfer and flexible real-time messaging to create a superior customer experience. They will also discuss the imperative for financial institutions to play a leading role in payments innovation.


  • Chris Hadorn
    Principal, Advisory, KPMG
  • Colleen Taylor
    Head of Treasury Management and Merchant Services, Capital One
  • Gordon Werkema
    Payments Strategy Director, Federal Reserve System

Moderator: Steve Ledford
Senior Vice President, Product Development and Strategy, The Clearing House

Emerging Challenges in Bank Litigation and Civil and Criminal Law Enforcement

4:15pm — 5:15pm

The litigation and enforcement environment continues to evolve and responding to government investigations and enforcement actions is more challenging than ever before. There has been greater attention being paid to the implications of a guilty plea as well as increasing discourse around the appropriate level of transparency in how government authorities decide when to bring charges or to seek some lesser resolution based on factors such as self-reporting, having an effective compliance program or cooperating in the government’s investigation. Panelists will share their insights into the hallmarks of a good internal investigation, current enforcement priorities and initiatives, key strategic and tactical challenges as well as the continued debate over institutional vs. individual accountability.


  • Anthony Alexis
    Deputy Assistant Director for Enforcement Field Litigation, Consumer Financial Protection Bureau
  • Stephen M. Cutler
    Executive Vice President and General Counsel, JPMorgan Chase & Co.
  • Mythili Raman
    Partner, Covington & Burling LLP
  • Daniel P. Stipano
    Deputy Chief Counsel, Office of the Comptroller of the Currency

Moderator: John Dugan
Partner, Covington & Burling LLP

Cross Border Payments Beyond Correspondent Banking

4:15pm — 5:15pm

Unconventional market players have continued to change the bank and payments paradigm. Will partnerships and new approaches result in a re-defined bank of the future? Banks have long provided access to international payments through a network of correspondent banks. As the market expands, this once-efficient network has become burdened with regulation, bureaucracy and overhead, and opened the door to new and nimble players. This session will provide insight into how partnerships and new approaches may untangle the current model and result in a more efficient and competitive bank in the future.


  • Udayan Goyal
    Co-Founder and Co-Managing Partner, Apis Partners
  • Richard Kim
    Partner, Corporate, Wachtell, Lipton, Rosen & Katz
  • Ather Williams
    Managing Director, Global Transaction Services, Bank of America

Moderator: Eileen Dignen
Senior Vice President, Product Development and Strategy, The Clearing House

Chasing Innovation: Regulatory Infrastructure and the Emerging Risks of New Payment Models

4:15pm — 5:15pm

This panel will explore the emerging risks associated with new payment models, the adequacy or inadequacy of the current regulatory infrastructure, and what, if any, changes are needed to protect consumers and the payments system.


  • Margaret Liu
    Senior Vice President, Deputy General Counsel, Conference of State Bank Supervisors
  • Andy Navarrete
    Executive Vice President, Chief Counsel, Capital One
  • Gary Stein
    Deposits Markets Program Manager, Consumer Financial Protection Bureau
  • John Thomson
    Senior Vice President, Center for Financial Services Innovation

Moderator: Duncan Douglass
Partner, Alston & Bird LLP

Annual Chairman's Reception

5:30pm — 6:30pm

Annual Chairman’s Dinner

6:30pm — 8:30pm

Opening Remarks: Jim Aramanda
President and Chief Executive Officer, The Clearing House

Introduction: Brian Moynihan
Chairman of the Board and Chief Executive Officer, Bank of America

Keynote Speaker: Niall Ferguson
Laurence A. Tisch Professor of History, Harvard University

Conference Breakfast Panel on Federal Reserve Perspectives

8:00am — 9:30am

Introduction: Gregory Baer
President, The Clearing House Association; Executive Vice President and General Counsel, The Clearing House Payments Company


  • William C. Dudley
    President and Chief Executive Officer, Federal Reserve Bank of New York
  • Dennis P. Lockhart
    President and Chief Executive Officer, Federal Reserve Bank of Atlanta
  • Loretta J. Mester
    President and Chief Executive Officer, Federal Reserve Bank of Cleveland

Moderator: Richard K. Davis
President and Chief Executive Officer, U.S. Bancorp


9:30am — 9:45am

Demonstrating Resolvability of Systemically Important Banks

9:45am — 10:45am

This panel will explore issues and challenges associated with the U.S. resolution planning process under Section 165(d) of Dodd-Frank (the so-called living wills requirement) and related credibility reviews conducted by U.S. authorities; discuss the FDIC’s efforts to build out its resolution powers under Dodd-Frank’s Title II Orderly Liquidation Authority; provide an analysis of key legal and regulatory developments, such as the minimum total loss absorbing capacity (TLAC) requirement and the ISDA protocol imposing automatic stays on derivative counter-party termination rights and related regulatory support measures; and identify relevant developments occurring outside of the U.S., including principally in the U.K. and Europe.


  • Andrew Gracie
    Executive Director, Resolution, Bank of England
  • Brent Hoyer
    Deputy Director, Risk Management Supervision Complex Financial Institution, Federal Deposit Insurance Corporation
  • Richard Levin
    Partner, Jenner & Block LLP
  • Sandie O’Connor
    Chief Regulatory Affairs Officer, JPMorgan Chase & Co.

Moderator: Randall Guynn
Partner, Davis Polk & Wardwell LLP

AML/Sanctions Regulation and Enforcement Climate: Updates and Observations

9:45am — 10:45am

The panel will discuss current regulatory and enforcement developments in the U.S. and EU anti-money laundering and sanctions environment, share observations about these developments, and provide insight into expected anti-money laundering and sanctions trends going forward.


  • M. Kendall Day
    Chief, Asset Forfeiture and Money Laundering Section, U.S. Department of Justice
  • Jaikumar (Jai) Ramaswamy
    Global AML Compliance Risk Management Executive, Bank of America
  • Richard Small
    Senior Advisor Anti-Money Laundering and Financial Crimes, Ernst & Young LLP
  • Suzanne Williams
    Assistant Director, Supervision and Regulation, Board of Governors of the Federal Reserve System

Moderator: Satish Kini
Partner, Debevoise & Plimpton LLP


10:45am — 11:00am

General Session

11:00am — 12:00pm

Introduction: Jeffrey Carp
Executive Vice President and Chief Legal Officer, State Street Corporation

Keynote Speaker: Martin Gruenberg
Chairman, Federal Deposit Insurance Corporation

Conference Lunch: Cyber-attacks — Where Are They Coming From?

12:00pm — 1:30pm

This panel will dissect some of the major groups behind headline breaches: who they are, where they are located, how they are structured and their end-game. Latest cyber trends and defensive measures will also be discussed and debated.


  • Austin P. Berglas
    Senior Managing Director and Head of U.S. Cyber Investigations and Incident Response, K2 Intelligence
  • Adam Meyers
    Vice President of Intelligence, Crowdstrike
  • Robert S. Mueller, III.
    Former Director, Federal Bureau of Investigation; Partner, WilmerHale

Moderator: Simon McDougall
Managing Director, Promontory Financial Group, LLC