Why It Matters
Financial Services Forum has hired a lobbying team to represent its interests in Washington. The organization registered with Crossroads Strategies LLC in August, adding external firepower to its existing in-house lobbying operation on financial institutions, investments, and securities issues.
By the Numbers
Crossroads Strategies assigned Mat Lapinski, the firm's chief executive officer, to lead the engagement. Lapinski has filed 354 total lobbying disclosures across his career. He has no prior congressional staff experience according to available records. Financial Services Forum also retained Haas Strategies LLC and Resolution Public Affairs LLC for external representation.
Broader Context
In 2019, regulators finalized amendments to the Volcker Rule, narrowing prohibitions on proprietary trading and reducing compliance burdens for banks. In March 2020, the Federal Reserve finalized stress capital buffer requirements for bank holding companies with $100 billion or more in assets, with banks under $700 billion expected to see a 10 percent reduction in those requirements.
Regulators have also proposed updates to capital surcharge calculations for the largest banks. Banks and trade groups have expressed opposition to these proposals. Two major regulatory trends in financial sector cybersecurity are the decoupling of cybersecurity rules from general operational risk management provisions and increasing sophistication of the regulatory regime.
Between The Lines
Rep. Brad Sherman created a YouTube video on FDIC insurance and avoiding taxpayer bailouts. Rep. Joyce Beatty has advocated for Minority Depository Institutions on the House Financial Services Committee. Rep. Beth Van Duyne met with members of the Financial Services Institute to discuss priorities for the independent financial services industry.
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