The Clearing House Announces New Board Leadership

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Feb 03, 2011, 10:00 ET

NEW YORK, Feb. 3, 2011 /PRNewswire/ -- The Clearing House, the nation's oldest payments company and banking association, today announced the appointments of new chairmen for the boards of The Clearing House, whose President and Chief Executive Officer is James Aramanda.

John Stumpf, Chairman, President and CEO of Wells Fargo & Company, was appointed to a two-year term as Chairman of The Clearing House Supervisory Board. He succeeds Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase.

Michael Gallagher, HSBC Executive Vice President, Global Transaction Banking, was appointed Chairman of The Clearing House Payments Company Board. He succeeds Susan Webb, Executive Vice President of JPMorgan Chase.

Citigroup General Counsel Michael Helfer was named Chairman of The Clearing House Association Board. He succeeds Stephen M. Cutler, General Counsel of JPMorgan Chase.

"The Clearing House has played a critical role in the evolution of banking for over 150 years," Stumpf said. "It is an honor to be named Chairman of the Supervisory Board. I look forward to working with Michael Gallagher, Michael Helfer and other board members to advance The Clearing House's mission of providing the banking industry a low-risk, cost-effective, ubiquitous payment network while simultaneously promoting good for the industry's public policy."

The Clearing House Payments Company provides a safe, secure payments infrastructure, which clears and settles more than 66 million payments each day with a value of nearly $2 trillion. The Clearing House Association is a leading, nonpartisan industry forum and advocacy group that focuses on systemically important banking issues.

"John Stumpf, Michael Gallagher and Michael Helfer are outstanding leaders from world-class financial institutions who will help guide The Clearing House as it advances the common interests of owners, which consist of the largest systematically important banking institutions in the world," said James Aramanda, President and CEO of The Clearing House. "We welcome our new leadership team to The Clearing House and at the same time are tremendously grateful to the outgoing team from JPMorgan Chase, Jamie Dimon, Susan Webb and Stephen Cutler. Under their leadership, the past three years have been a transformative period for The Clearing House."

About The Clearing House

Established in 1853, The Clearing House is the nation's oldest banking association and payments company. It is owned by the world's largest commercial banks, which employ 1.4 million people in the United States and hold more than half of all U.S. deposits. The Clearing House Association 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. The Clearing House Payments Company provides payment, clearing, and settlement services to its member banks and other financial institutions, clearing almost $2 trillion daily and representing nearly half of the automated clearing-house, funds transfer and check image payments made in the U.S. See The Clearing House's web page at www.theclearinghouse.org.

SOURCE The Clearing House