DEFINITION of 'Financial Services Roundtable'

The Financial Services Roundtable (FSR) represents around 100 of the largest integrated financial services companies which provide banking, insurance, and investment products and services to American consumers.

The stated goals of the Financial Services Roundtable are to:

  1. Be the premier executive forum for the leaders of the financial services industry
  2. Provide powerful legislative and regulatory advocacy
  3. Enhance the financial industry's public reputation
  4. Promote best practices and a strong infrastructure in technology

The Roundtable believes that financial services companies are integral to the nation's economy and that the competitive marketplace, not government, should largely govern the delivery of financial products and services. It underscores the necessity of uniform national standards across state lines and the effective use of technology to efficiently deliver financial products and services. The FSR's activities include lobbying efforts in Washington, DC to support the banking and financial industries, as well as political contributions to like-minded candidates.

The FSR merged the with the Clearinghouse Association, another financial lobbying organization, in 2018.

BREAKING DOWN 'Financial Services Roundtable'

The Financial Services Roundtable as it is currently known was formed in early 2000 when the first members from the securities, investment and insurance sectors joined their banking industry counterparts (who had formerly been assembled as the Bankers Roundtable) as founding members of the Financial Services Roundtable. The Bankers Roundtable chose to expand its mission in April 1999 to represent integrated financial services firms in response to industry shifts and congressional financial modernization legislation. Much of its activities involve political lobbying and political contributions to curry favor with the financial and banking industries.

The Bankers Roundtable was originally formed in October 1993 as a result of the merger of the Association of Registered Bank Holding Companies (formed in 1958) and the Association of Reserve City Bankers (formed in 1912).

In 2018, the Financial Services Roundtable merged with the Clearinghouse Association, one of Wall Street’s largest lobbying groups. The organization is part of "The Clearing House" (TCH), a banking association and payments company that’s owned by the world’s largest banks.Owners of "The Clearing House" include Bank of America, Capital One Financial, Citibank, JPMorgan Chase, PNC Bank, Santander, SunTrust, UBS, U.S. Bank, Wells Fargo, and others. The move, reportedly led by Bank of America CEO Brian Moynihan, cut the FSR’s membership from more than 80 members to just over 40, with the expulsion of insurers, asset managers, and some non-banks. According to a press release, “The combination of these two organizations and their respective research and advocacy strengths further advances FSR’s new strategic focus on banking and payment policies that spur economic growth, increase jobs, modernize cybersecurity policy, and improve financial security for more Americans."

RELATED TERMS
  1. Futures Industry Association - ...

    An association of futures commission merchants, banks and trading ...
  2. Universal Banking

    Universal banking is a system in which banks provide a wide variety ...
  3. Investment Banking

    Investment banking is a specific division of banking related ...
  4. Investment Bank (IB)

    An investment bank is an intermediary between securities issuers ...
  5. SIFMA (Security Industry/Financial ...

    Securities Industry and Financial Markets Association (SIFMA) ...
  6. Credit Union National Association ...

    The Credit Union National Association (CUNA) is a trade organization ...
Related Articles
  1. Insights

    Why Lobbying Is Legal And Important In the U.S.

    Political lobbying is again at a heightened spend level, and again being criticized; making it important to remember lobbying's legality and importance.
  2. Investing

    Lobbying: K Street's Influence On Wall Street

    Corporate lobbyists have the power, influence and political backing to affect your portfolio. Find out how.
  3. Personal Finance

    Investment banking versus private banking careers

    Examine the two potential financial career options of investment banking and private banking, with an eye toward choosing the most suitable career.
  4. Personal Finance

    Private banker: Career path and qualifications

    Discover what kind of work private bankers do, and learn more about how you can develop the experience and qualifications required to work in the field.
  5. Investing

    The Top 4 Bank of America Shareholders (BAC)

    Discover the largest individual and institutional holders of Bank of America stock. Learn about the backgrounds of top Bank of America executive shareholders.
  6. Investing

    Who Are Wells Fargo’s Main Competitors?

    Explore information on the main competitors of Wells Fargo, the other three of the "big four" U.S. banks: Citigroup, JPMorgan Chase and Bank of America.
  7. Personal Finance

    The Evolution of Banking Over Time

    Discover how the evolution of banking has changed the business model. Find out how this system of money management developed into what we know today.
  8. Investing

    Bankers: Banking Not Profitable Enough For Amazon

    Bankers argued at a recent conference that the financial services market isn't profitable enough to lure the likes of Amazon.
  9. Personal Finance

    Careers: Equity research versus investment banking

    Equity research is sometimes viewed as the unglamorous, lower-paid cousin to investment banking. In this article, we compare the two careers.
  10. Personal Finance

    Investment Banker: Job Description & Average Salary

    An investment banker job description which includes what they do in a typical work day, the skills needed to be successful and how they are paid.
RELATED FAQS
  1. What trends affect profitability in financials?

    Explore the trends that most affect the financial services sector, including the role of central bank policy and challenges ... Read Answer >>
  2. What is the financial services sector?

    The financial services sector consists of a diverse group of companies that goes beyond banks and credit unions. Read Answer >>
  3. What are the 9 major financial institutions?

    There are nine major types of financial institutions. Understand the major types of financial institutions that exist and ... Read Answer >>
  4. What is the banking sector?

    Learn why the banking sector is a vital industry to our economy, what it does to drive the economic growth and understand ... Read Answer >>
  5. What are some roles of an investment bank?

    Explore the world of investment banking and discover the various functions investment bankers serve, such as handling IPOs ... Read Answer >>
  6. How does analyzing a bank's financial statements differ from companies in other sectors?

    Learn why analyzing banks' financial statements is very different from nonfinancial service companies. Review relevant examples ... Read Answer >>
Trading Center