2008 Annual Report Financing the Economy Through Good Times and Bad

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, 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

THE FINANCIAL SERVICES ROUNDTABLE

Impacting Policy. Impacting People.
Table of Contents

1 Message from the Chairman, President and CEO

2 The Financial Services Roundtable: In Good Times and Bad

6 A Year of Offense, a Year of Defense

10 The HOPE NOW Alliance: Offering Solutions, Offering Hope

12 Housing Policy Council: Stepping Up to Help In a Year of Extraordinary Challenges

14 Community Build Day 2007: Reaching Deeper, Raising More

16 MyMoneyManagement.net: Financial Education Delivered

18 BITS: Advancing Practices and Policy in Security, Fraud, Vendor Management, and Regulation

22 The Identity Theft Assistance Center (ITAC): Thought Leader, Business Partner

24 Agents for Change Continues to Grow and Gain Momentum

26 Looking to the Future: The Roundtable Takes the Lead

28 2008 Officers and Board of Directors

30 The 2007 Financial Services Roundtable Financial Statements

33 The Mission of The Financial Services Roundtable

34 The Financial Services Roundtable Staff

36 Member Companies of the The Financial Services Roundtable

Message From the Chairman, President and CEO

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. They
embraced and supported MyMoneyManagement.net,
The Financial Services Roundtable’s 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.
Challenges Bring On the technology front, we acknowledge the
Out The Best In outstanding contributions of BITS founding president,
Many Of Us Catherine Allen, who left the organization in 2007.
Under Ms. Allen’s visionary guidance, BITS emerged
And 2007 Was as the undeniable and widely recognized expert in
financial services technology issues.
A Challenging Year
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, they’ve continued to innovate, challenge
each other, and keep focus where it belongs: serving the
American public.

Steve Bartlett Thomas A. Renyi

President and CEO
The Financial Services
Roundtable
The Bank of New York
Mellon Corporation
Chairman,
The Financial Services
Roundtable

1
Introduction

The member companies

of The Financial Services
Roundtable have a long history
of serving American consumers
and advocating public policy The Financial
that encourages competition Services
and innovation. Roundtable

The stock market fell 50%. In Good Times

The country entered a recession. And Bad
And confidence in the
American banking system
was 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.

2 THE FINANCIAL SERVICES ROUNDTABLE


THE F INANCIAL SERVICES ROUNDTABLE
As Americans moved through
the 1920s, another crisis was
yet to unfold. The Great Crash
of 1929 signaled the downward
economic slide that initiated the
Great Depression, a period of
enormous challenge for America
– 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 took
hold, making an economic
calamity on such a devastating
scale a virtual impossibility in
the 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 first
bank credit card in the 1940s,
Americans were free to buy what
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.
3
 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 Undeniably

The 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

4 THE FINANCIAL SERVICES ROUNDTABLE

to reach out to those in danger
of foreclosure through the HOPE
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 articles
and tools designed to provide
practical guidance to consumers
before their financial problems
become overwhelming. And the
Identity Theft Assistance Center
(ITAC) is a free service provided
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.

5
Legislative/Regulatory Overview

Working with a new majority in

Congress, the Roundtable
played both offensive and
defensive roles to see priorities
enacted and protect against the
erosion of issues important to
the financial services industry – A Year Of
and to American consumers. Offense

Enacting legislation that will A Year Of

keep the financial services Defense
industry vital and encouraging
a principles-based approach
to regulation are the core
of the Financial Services
Roundtable’s policy mission.
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

6 THE FINANCIAL SERVICES ROUNDTABLE

Roundtable, the bill is essential
to protecting the insurance industry
from catastrophic losses due to
terrorism.

Anti-money Laundering: The

Roundtable worked closely with
House Financial Services
Committee Chairman Barney
Frank (D-MA) to reform the
current burdensome reporting
system. In addition to testifying
at a Committee hearing, the
Roundtable submitted to Chairman
Frank specific recommendations for
a complete overhaul of the system,
urging the Chairman to use these
recommendations as a starting
point towards the creation of a
more 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 Senate
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. However,
the Roundtable was able to avoid

7
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 House
committee 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 on
the 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
Roundtable’s 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 the convergence of accounting standards for both
recommendation that a principles-based approach to foreign and U.S. issuers, something the Roundtable
regulatory supervision of the financial services industry believes would result in a single, high quality set of
be undertaken in order to promote more open oversight global accounting standards as recommended in the
and coordination between industry and regulators, as competitiveness Blueprint. The SEC unanimously
well as to ultimately improve regulation. voted to allow foreign companies to use international
accounting standards when filing with the agency, a
In 2007, the Financial Services Roundtable was active
step the Roundtable believes is a step towards the larger
in the following regulatory issues:
goal of accounting convergence.
Accounting Convergence: The Roundtable submitted
Amicus Briefs: Three “friend of the court” briefs were
comments to the Securities Exchange Commission on
filed on issues affecting Roundtable member companies,

8 THE FINANCIAL SERVICES ROUNDTABLE


including the case of Stoneridge
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 Thrift
Supervision, 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 recommenda-
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 with
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 Securities
Act of 1933
Consent-based Social Security
Number Verification Program
Use of Social Security Numbers by
the Private Sector
Unfair and Deceptive Practices
Rulemaking
Unlawful Internet Gambling
Whois Database
9
HOPE NOW

An unprecedented coalition
between lenders, investors,
mortgage market participants,
and trade associations to
bridge the communications
gap between lenders, borrow-
ers and help homeowners in The HOPE NOW
trouble stay in their homes. Alliance

The importance of communica- Offering

tion can’t be emphasized Solutions,
enough: more than 50% of Offering Hope
those entering into foreclosure
never reach out to their lender
for assistance. HOPE NOW
is out to change that unfortu-
nate statistic.
A natural outgrowth of the Homeownership
Preservation Effort, founded in 2006 by the
Roundtable’s 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 can’t be

emphasized enough: more than 50% of those entering
into foreclosure never reach out to their lender for

10 THE FINANCIAL SERVICES ROUNDTABLE

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 Homeowner’s HOPE Hotline,
888-995-HOPE, provided by the
Homeownership Preservation
Foundation. Since the hotline’s 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 dramatic
results – 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 to
homeowners who fear there is no
solution available to them other than
foreclosure. With the assistance of
the Homeowner’s HOPE Hotline,
tens of thousands of consumers are
learning more about their options –
and rediscovering hope.
Members of the
HOPE 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 Corporation
EMC Mortgage, Inc./ Bear Stearns
Fannie Mae
The Financial Services Roundtable
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 Finance
Indymac Bank
Litton Loan Servicing
MERS
National City Mortgage Corporation
Nationstar Mortgage, LLC
NeighborWorks® America
Mortgage Bankers Association
Ocwen Loan Servicing, LLC
Option One Mortgage Corporation
PMI Mortgage Insurance Co.
Saxon Mortgage Services
Securities Industry and Financial
Markets 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
11
Housing Policy Council

The Housing Policy

Council ramps up with
the HOPE NOW Alliance
and continues to work
with Congress and federal
regulators to stabilize the Housing Policy
housing marketplace. Council

As the mortgage providers for Stepping Up

millions of American families, To Help In A Year
the member companies of Of Extraordinary
the Housing Policy Council Challenges
recognize the responsibility
they bear to keep the housing
marketplace 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 HOPETM Hotline
is receiving, it’s clear that the service of bridging
the gap between borrowers and their providers is
working to prevent or substantially reduce the
number of foreclosures.

12 THE FINANCIAL SERVICES ROUNDTABLE

Regulatory Change
is an Important Step
in 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 ability
to insure mortgages for low and
moderate-income borrowers.
The HPC’s 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 Council
Member Companies
American General Financial
Services, Inc./AIG
Assurant Specialty Property
Bank of America Corporation
BB&T Corporation
Citigroup Inc.
Countrywide Financial
Corporation
Fifth Third Bancorp
First 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 Companies
SunTrust Banks, Inc.
Wachovia Corporation
Washington Mutual, Inc.
Wells Fargo & Company
13
Community Build Day

More than 26,500 volunteers

from 76 member companies in
all 50 states raised more than
$3.8 million and assisted 3,500
families in the most successful
Community Build Day in the Community
Roundtable’s history. Build Day 2007

When help is needed, employees of member

companies of The Financial Services Roundtable
Reaching Deeper,
are there to provide it. From June through August, Raising More
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/walks
25 financial education programs
18 blood drives
17 education programs
2 environmental clean-ups

An Extended Focus, a New Name

Reflecting the expanded focus and the variety
of activities included, Community Build Day will
become Community Service 2008. For information
14 THE FINANCIAL SERVICES ROUNDTABLE
on how your company can partic- Euler Hermes
ipate, please contact Aleksia Ilic Fifth Third Bank
at Aleksia@fsround.org. First Commonwealth Financial
Corporation
Community Build Day First Horizon National Corp.
National Sponsors Ford Motor Credit Company
Frost
ACE Group Fulton Financial Corporation
AEGON USA, Inc. GE Money
Allstate Insurance Company Genworth Financial
American General Financial GMAC Financial Services
Services Guaranty Financial Services a
Bank of the West Temple Inland Company
Barclays Capital H&R Block
Capital One Financial Harris Bankcorp, Inc.
Corporation HSBC - North America
Citi John Deere Credit
Edward Jones KeyCorp
ING Lincoln Financial Group
MasterCard Worldwide M&T Bank
Merrill Lynch Monumental Life Insurance
Principal Financial Group Company
Raymond James National City Corporation
Regions Financial Corporation Nationwide
State Farm Insurance® Northern Trust
Toyota Financial Services PNC Financial Services Group
Unum Prudential Financial Inc.
U.S. Bancorp RBC Centura Bank
WaMu State Street Corporation
Wells Fargo SunTrust
Synovus
Participating Companies TIAA-CREF
AEGON Direct Marketing Transamerica Occidental Life
Services. Inc. Insurance Company
Agents for Change UBS
Allianz Life Insurance Company USAA
of America Wachovia Corporation
Allied Capital Corporation Waddell & Reed Financial, Inc.
American Express Webster Financial Corporation
Ameriprise Financial Western & Southern Financial
Aon Corporation Group
Associated Banc-Corp Western Reserve Life Assurance
Assurant, Inc. Co. of Ohio
AXA Equitable Whitney National Bank
Banco Popular Zions Bank
Bank of America
Bank of Hawaii
Partners
BancorpSouth America’s Promise
BB&T Habitat for Humanity
BNY Mellon NeighborWorks® America
Charles Schwab & Co., Inc. Points of Light Foundation
Charter One Bank Rebuilding Together
Citizens Bank USA Freedom Corps
City National Bank
Commerce Bancshares, Inc.
Countrywide Financial
Corporation 15
MyMoneyManagement.Net
With over 595,000 page views
since November 2006,
MyMoneyManagement.net
celebrates its first anniversary
by expanding content to over
200 pages and adding a new
Spanish-language section.
MyMoneyManagement.net
was created for a single but
undeniably important purpose:
to reach out early in the process
to consumers in financial
trouble by encouraging them
to take advantage of the
services of a credit counselor.
Since its launch, the site has experienced phenomenal
growth, 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
site’s 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.
16 THE FINANCIAL SERVICES ROUNDTABLE
MyMoney
Management.net
Financial
Education
Delivered
Recognizing the need to reach out to the
growing 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.
 MyMoneyManagement.net is
but one of the many ways that
Round- table member companies
are proactively reaching out to assist
consumers in distress. With its
timely focus on consumer education,
the site is expected to continue
to grow and to reach increasing
numbers of consumers each month.

MyMoneyManagement.net
Partners
American Express Company
American General Finance
Corporation
Bank of America Corporation
The Bear Stearns Companies Inc.
Chase
Citi
Discover Financial Services, Inc.
Ford Motor Credit Company
General Electric Company
GMAC Financial Services
HSBC North America Holdings Inc.
JPMorgan Chase & Co.
KeyBank
MasterCard Worldwide
Prudential Financial Inc.
Regions Bank
SunTrust
Synovus
Toyota Financial Services
TSYS (Synovus)
US Bank
VISA
Wachovia
Wells Fargo & Company

17
BITS

BITS continues to foster the

growth of electronic financial
services for the benefit of
financial institutions and
their customers. BITS

Technology has revolutionized – Advancing

and will continue to Practices and
revolutionize – the way Policy In Security,
financial institutions serve Fraud, Vendor
their customers. Management,
And Regulation
BITS – created to develop intellectual capital at
the intersections of financial services, technology, and
commerce – continues to take the leadership role in
this evolving field.

2007 was a year of fundamental change for BITS.

Following the departure of founder Catherine Allen,
Leigh Williams, a former member from Fidelity
Investments and senior fellow at Harvard University’s
Kennedy School of Government, stepped into the
position. Under Mr. Williams’ leadership, the BITS
team continues to bring members, regulators and a
variety of partners together to the benefit of consumers,
institutions and the financial services sector.

In 2007, BITS focused its attention on four key areas.

18 THE FINANCIAL SERVICES ROUNDTABLE

Security
Convened a Wireless Security Forum.
In June 2007, BITS hosted a forum
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 email
protocols to attain a higher level
of confidence in security.

Developed best practices for day-to-day

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 integrity
of encrypted data.

Defended security and fraud

professionals’ access to ICANN’s
Whois database. In two comment
letters to the Internet Corporation
for Assigned Names and Numbers
(ICANN), BITS successfully urged
continued access to this database
used by financial institutions to
combat fraud and phishing.

19
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 and
awareness 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 enforcement
agencies 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 Management
Convened 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.

20 THE FINANCIAL SERVICES ROUNDTABLE

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 from
2,100 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
ICANN’S 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
Administration
Securities and Exchange
Commission
Commodities Futures Trading
Commission
Federal Deposit Insurance
Corporation
Department of Treasury
Federal Trade Commission
Office of Management and Budget
Social Security Administration
Department 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.
21
ITAC

ITAC has helped more than

30,000 consumers restore
their financial identities since The Identity
2004, making ITAC the “gold Theft Assistance
standard” of resolution services. Center (ITAC)

Established to assist identity Thought Leader,

theft victims in restoring their Business
financial reputation, ITAC Partner
sends a clear message that the
financial services industry is
part of the solution –
not the problem.

ITAC’s impact on consumers ITAC is profound,

as illustrated by the relief and gratitude reflected
in 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. ITAC’s 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.”

22 THE FINANCIAL SERVICES ROUNDTABLE

 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. ITAC’s thought
leadership validates the objectives
of The Financial Roundtable and
BITS: That the industry has a
unified and comprehensive strategy
to fight identity crime.
ITAC’s 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 Attorney’s
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 ITAC’s mission: making ITAC
victim assistance available to all
consumers and helping ITAC
members protect their customers
from identity fraud.
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
Corporation
Ford 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 Incorporated
National City Corporation
Nationwide
Northern Trust Corporation
Popular, Inc.
PNC Financial Services Group,
Inc.
RBC Centura Bank, Inc.
Regions Financial Corporation
State Farm Insurance Companies
SunTrust Banks, Inc.
Synovus
Toyota Financial Services
UnionBanCal Corporation
U.S. Bancorp
Wachovia Corporation
Wells Fargo & Company
Whitney Holding Corporation
23
Agents for Change

A trade association of insurance

agents and brokers from across
all lines of insurance, Agents for
Change continues to work to
simplify regulation for agents, Agents For
brokers, and insurers. Change

Grassroots support from the Continues To

producer community is key to Grow And Gain
the enactment of an optional Momentum
federal charter (OFC) and
Agents for Change is seen as a
leader 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

24 THE FINANCIAL SERVICES ROUNDTABLE


"Simplifying Regulation for Agents and Brokers..."
and/or their staff, with nineteen
of these meetings held in the
members’ district. Three hundred
twenty five members of Agents
for Change signed an open letter
to Congress urging their support
of an OFC. Additionally, Agents
for Change has generated more
than 1,000 personalized letters
to Congress.
Agents for Change continues
to enjoy a wide profile. In June,
members of the Board of Dir-
ectors met with David Nason,
Assistant Secretary for Financial
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 to
the request for comments on the
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 elected
officials understand that their
constituents who sell insurance
products support an OFC.
25
Looking to the Future

Specific recommendations to
enhance American competitive-
ness and to prevent and prepare
for future mega catastrophes were
provided by three studies released Looking To
in 2008. The Future

Not only do the member The Roundtable

companies of The Financial Takes The Lead
Services Roundtable represent
the companies that fuel America’s
economic engine, the companies
themselves consist of individu-
als uniquely qualified to
examine some of the most
critical issues facing our
country today – and provide
specific and detailed policy
recommendations to better
prepare our country for
the future.
The Roundtable-formed Blue Ribbon Commission
on Mega Catastrophes released A Call To Action. The federal government must take to reduce the threat to
Roundtable also released two publications that makes lives and the global economy, including investing in
a compelling case for principles-based regulation: vaccine and technology development, investing in
medical personnel and equipment to effectively treat
The Compliance Function in Diversified Financial
the afflicted, and ensuring that all firms – including
Institutions and The Blueprint for U.S. Financial
financial services companies – implement a pandemic
Competitiveness.
preparedness plan.

Mega-Catastrophes: The Key is Preparation In addition, the report provided a series of recom-
mendations specific to Katrina, while also acknowledg-
The Blue Ribbon Commission’s report on mega-catas-
ing that the issues facing New Orleans and the Gulf
trophe preparedness recommended a series of steps the
Coast have repercussions for future events, including
man-made disasters. Specifically, the Commission
26 THE FINANCIAL SERVICES ROUNDTABLE

recommends that the federal
government establish regional
intergovernmental bodies to make
plans before disasters occur to help
minimize costs and disruption
and, just as important, to expedite
rapid recovery.
Copies of all reports are
available in full on The Financial
Services Roundtable Web site
found at www.fsround.org.
Making American More
Competitive: Eight Critical
Reforms
Regulation in the global market-
place is designed to meet one over-
riding goal: to promote economic
growth and accommodate innova-
tive business opportunities. In
dramatic contrast, the U.S. legal
and regulatory system is overly
complex and slow to react to the
challenges of rapidly expanding
global markets, severely hampering
the ability of U.S. companies to
compete in world markets.
The Blueprint for U.S. Financial
Competitiveness, available for
download at – www.fsround.org,
offers a series of 68 specific recom-
mendations necessary to ensure
that America maintain a vibrant
position in the global marketplace.
The Blueprint calls for a regulatory
system that would adapt to chang-
ing market conditions and provide
for a greater coordination among
financial regulators.
The recommendations – none
of which lessen protections for
consumers – call for eight “must
do” reforms in 2008.
Prudential Supervision: Encourage
a constructive engagement between
firms and financial regulators.
Litigation: Reform securities and
other class-action legislation.
Consumer Credit and Financial
Security: Give consumers financial
education training, better disclo-
sures, uniform national consumer
protections, and a centralized
consumer complaint mechanism.
Anti-money Laundering: Make
supervision more effective.
Capital: Expand the risk-based
focus of capital regulation for
all financial firms.
Insurance Regulation: Modernize
regulation and give insurers and
producers a national chartering
option.
Sarbanes-Oxley: Ensure the bal-
anced implementation of this Act.
Accounting: Accelerate the
modernization of U.S. accounting
standards.
27
2008 Officers
Board of Directors

CHAIRMAN CHAIRMAN-ELECT IMMEDIATE PAST

THOMAS A. RENYI CHRISTOPHER M. CONDRON CHAIRMAN
The Bank of New York AXA Financial, Inc. THOMAS A. JAMES
Mellon Corporation
Raymond James Financial, Inc.

Directors
Term Expiring 2008

DAVID R. NISSEN RALPH W. BABB, JR. KENNETH R. DUBUQUE LIAM E. MCGEE

General Electric Company Comerica Incorporated Guaranty Financial Services Bank of America
Executive Committee Member Corporation

Term Expiring 2009

KERRY K. KILLINGER PAUL S. BEIDEMAN MICHAEL D. FRAIZER DAVID W. KEMPER

Washington Mutual, Inc. Associated Banc-Corp Genworth Financial Commerce Bancshares, Inc.
Executive Committee Member

Term Expiring 2010

RICHARD K. DAVIS RICHARD L. CARRION RUSSELL GOLDSMITH J. BARRY GRISWELL

U.S. Bancorp Popular Inc. City National Corporation Principal Financial Group
Executive Committee Member

28 THE FINANCIAL SERVICES ROUNDTABLE

 BITS CHAIRMAN TREASURER
EDWARD B. RUST, JR. DON J. MCGRATH
State Farm Insurance Companies BancWest Corporation

HENRY L. MEYER III JAMES E. ROHR DONALD J. SHEPARD

KeyCorp The PNC Financial AEGON USA, Inc.
Services Group, Inc.

RAYMOND A. MASON WILLIAM J. NUTT WILLIAM L. WALTON

Legg Mason, Inc. Affiliated Managers Group, Inc. Allied Capital

THOMAS J. MCINERNEY ARTHUR F. RYAN JOHN G. STUMPF ROBERT WOLF

ING Insurance Americas Prudential Financial Inc. Wells Fargo & Company UBS

29
The Financial Services Roundtable
Statements of Financial Position
December 31, 2007 and 2006

Dear Reader,

The following financial information was derived A complete copy of this audit is available
from the Roundtable’s audited financial statements, from Chief Financial Officer George Forsberg,
which contained an unqualified opinion from George@fsround.org, or you may contact me
Rogers & Company PLLC, Vienna, Virginia directly, Steve@fsround.org.
dated February 27, 2008. The audited financial Sincerely,
statements were reviewed by the Roundtable Board
Steve Bartlett
of Directors and the Audit Committee, Chaired President and CEO
by Mr. Don J. McGrath, BancWest. The Financial Services Roundtable

2007 2006

Assets
Cash and cash equivalents $ 4,639,132 $ 5,294,315
Accounts receivable 160,135 106,322
Due from ITAC 88,764 112,938
Prepaid expenses 145,082 237,563
Investments 3,992,315 3,997,501
Property and equipment, net 1,409,717 1,684,636
Deposits 85,267 61,642
Deferred compensation assets 1,398,323 1,305,652

Total assets $11,918,735 $12,800,569

Liabilities and Net Assets

Liabilities
Accounts payable $ 321,116 $ 514,565
Accrued expenses 2,436,524 1,811,087
Deferred assessment income 1,770,865 2,242,639
Deferred rent 247,818 286,692
Accrued deferred compensation 1,473,680 1,305,652

Total liabilities 6,250,003 6,160,635

Net Assets
Unrestricted:
Undesignated 4,464,213 5,579,737
Housing Policy Council 887,189 811,004
Anthony T. Cluff Research Fund 317,330 249,193

Total unrestricted 5,668,732 6,639,934

Total liabilities and net assets $11,918,735 $12,800,569

30 THE FINANCIAL SERVICES ROUNDTABLE

The Financial Services Roundtable
Statements of Activities
For the Years Ended December 31, 2007 and 2006

2007 2006

Unrestricted Revenue and Support

Membership dues $13,010,104 $12,281,725
Coalition revenue 888,761 863,323
Meetings 703,911 935,398
Investment income 560,609 531,796
Community Build Day 330,000 187,500
Other income 18,389 164,812
Council on Consumer Finance – Grant Fund - 3,582,215

Total revenue and support 15,511,774 18,546,769

Expenses
Program services:
Roundtable services:
Executive Thought Leadership 1,930,495 2,003,688
Government Affairs 1,356,069 1,558,336
Meetings and member activities 1,141,287 1,041,221
Communications and Special Projects 610,697 641,937
Membership 193,882 143,913
Total Roundtable services 5,232,430 5,389,095

BITS 3,755,439 3,362,397

Housing Policy Council 1,689,515 1,673,621
Coalition activities 911,645 859,543
Council on Consumer Finance – Operations 635,693 677,425
Community Build Day 384,688 254,318
Agents for Change 298,841 211,961
Anthony T. Cluff Research Fund 151,508 114,318
Council on Consumer Finance – Grants - 3,582,215
Total program services 13,059,759 16,124,893
General and administrative 3,004,758 2,772,217

Total expenses 16,064,517 18,897,110

Change in Net Assets before effect of adoption of SFAS No. 158 (552,743) (350,341)

Cumulative effect of change in accounting principle (418,459) -

Change in Net Assets (971,202) (350,341)

Net Assets, beginning of year 6,639,934 6,990,275

Net Assets, end of year $ 5 ,668,732 $ 6,639,934

31
The Financial Services Roundtable
Statements of Cash Flows
For the Years Ended December 31, 2007 and 2006

2007 2006

Cash Flows from Operating Activities

Change in net assets $ (971,202) $ (350,341)
Adjustments to reconcile change in net assets to net cash
used in operating activities:
Depreciation 337,168 342,000
Net realized and unrealized losses (gains) 7,914 (2,502)
Adoption of SFAS No. 158 418,459 -
Change in operating assets and liabilities:
(Increase) decrease in accounts receivable (53,813) 972,740
Decrease (increase) due from ITAC 24,174 (47,742)
Decrease in prepaid expenses 92,481 76,240
Increase in deposits (23,625) (24,570) (23,625) (24,570)
(Increase) decrease in deferred compensation assets (92,671) 1,190,033
Decrease in accounts payable (193,449) (185,597)
Increase in accrued expenses 206,978 401,780
(Decrease) increase in deferred assessment income (471,774) 1,021,796
Decrease in deferred rent (38,874) (38,874)
Increase (decrease) in accrued deferred compensation 168,028 (1,190,033)
Decrease in grant liability due - (5,011,674)

Net cash used in operating activities (590,206) (2,846,744)

Cash Flows from Investing Activities

Proceeds from sale of investments 533,321 2,897,000
Purchase of investments (536,049) (3,068,582)
Purchase of property and equipment (62,249) (1,647,386)

Net cash used in investing activities (64,977) (1,818,968)

Net Decrease in Cash and Cash Equivalents (655,183) (4,665,712)

Cash and Cash Equivalents, beginning of year 5,294,315 9,960,027

Cash and Cash Equivalents, end of year $ 4,639,132 $ 5,294,315

32 THE FINANCIAL SERVICES ROUNDTABLE

The Mission Governing Principles
The Financial Services Roundtable

To be the premier executive forum for the leaders Strategic Focus

of the financial services industry.
Advocacy is the Roundtable’s Job One.
To provide powerful legislative and regulatory
The breadth of policy issues affecting our members
advocacy.
adds to our advocacy strength.
To enhance the industry’s public reputation.
A positive public reputation enhances advocacy, but
Led by BITS, to promote best practices and a
must be targeted carefully and managed efficiently.
strong infrastructure in technology.
Roundtable meetings offer financial services
executives a useful venue to network with their
Core Beliefs peers and other executives.
Strengthening technology is an integral part of
Large, integrated financial services companies our mission.
finance most of the nation’s 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.

33
Staff
The Financial Services Roundtable

Steve Bartlett Carrie M. Neckorcuk

PRESIDENT & CEO VICE PRESIDENT OF HUMAN RESOURCES AND ADMINISTRATION

Richard M. Whiting Connie Nelson

EXECUTIVE DIRECTOR AND GENERAL COUNSEL PROJECT MANAGER-GOVERNMENT AFFAIRS

Andrew Barbour Melissa Netram

VICE PRESIDENT FOR INSURANCE, TECHNOLOGY AND DIRECTOR OF REGULATORY AND SECURITIES AFFAIRS
INTERNATIONAL AFFAIRS
Cindy G. Nettles
Paul J. Begey ASSISTANT TO THE PRESIDENT
DIRECTOR, GOVERNMENT AFFAIRS
Christeen Phelps-Butler
Brenda Bowen DEPUTY DIRECTOR OF MEETINGS AND EVENTS
GOVERNMENT AFFAIRS SPECIALIST
Sharon Salter
Marquita Brown SENIOR VICE PRESIDENT OF MEETINGS AND EVENTS
ACCOUNTS PAYABLE CLERK
Jennifer Smith
Keosha Burns VICE PRESIDENT FOR PUBLIC AFFAIRS
COMMUNICATIONS MANAGER
Sharon Smith
Irving E. Daniels, Jr. GOVERNMENT AFFAIRS ADMINISTRATOR AND PAC MANAGER
VICE PRESIDENT FOR BANKING AND SECURITIES
Scott E. Talbott
George D. Forsberg, CPA SENIOR VICE PRESIDENT OF GOVERNMENT AFFAIRS
CHIEF FINANCIAL OFFICER
Kristen M. Washington
Deirdre Graham DIRECTOR OF MEMBERSHIP AND INFORMATION SERVICES
EVENTS COORDINATOR/OFFICE ASSISTANT
Kim A. Wheelbarger
Blake Grimm SENIOR EXECUTIVE ASSISTANT TO THE EXECUTIVE DIRECTOR
MEMBERSHIP ASSISTANT AND WEBMASTER
Lenora Wright-Williams
Aleksia Ilic RECEPTIONIST/FRONT DESK COORDINATOR
PROJECT MANAGER, COMMUNITY SERVICE 2008,
COUNCIL ON CONSUMER FINANCE

34 THE FINANCIAL SERVICES ROUNDTABLE

BITS Housing Policy Council
Leigh Williams John Dalton
PRESIDENT OF BITS PRESIDENT OF THE HPC

Tanya Bailey Paul M. Leonard

VICE PRESIDENT, MEETINGS AND EVENTS VICE PRESIDENT OF GOVERNMENT AFFAIRS, HPC

Wattie Bennett Katie Stevens

EXECUTIVE ASSISTANT EXECUTIVE DIRECTOR, HOPE, GOVERNMENT AFFAIRS MANAGER,
HOUSING POLICY COUNCIL
John Carlson
SENIOR VICE PRESIDENT, REGULATORY AFFAIRS Ryan Caruso
GOVERNMENT AFFAIRS ASSISTANT, HOUSING POLICY COUNCIL
John A. Ingold
DIRECTOR, VENDOR MANAGEMENT
Identity Theft Assistance Center
Andrew Kennedy Anne Wallace
PROJECT ADMINISTRATOR PRESIDENT

Ann Patterson
VICE PRESIDENT, COMMUNICATIONS Agents for Change
Peter Ludgin
Matt Ribe
EXECUTIVE DIRECTOR
PROJECT MANAGER

Paul Smocer
VICE PRESIDENT, SECURITY
Independent Contractors
John Doyle
Heather Wyson BLUE RIBBON COMMISSION ON COMPETITIVENESS
DIRECTOR, FRAUD

Consultants
William Longbrake
CONSULTANT

35
Member Companies

The Financial Services Roundtable John Hancock Financial Services, Inc

JPMorgan Chase & Co.
AEGON USA, Inc. KeyCorp
Affiliated Managers Group, Inc. Legg Mason, Inc.
Allianz Life Insurance Company of North America Lincoln National Corporation
Allied Capital Corporation M&T Bank Corporation
The Allstate Corporation Marshall & Ilsley Corporation
American International Group, Inc. (AIG) MasterCard Incorporated
Ameriprise Financial, Inc. Merrill Lynch & Co., Inc.
Aon Corporation Mutual of Omaha Insurance Company
Associated Banc-Corp National City Corporation
Assurant, Inc. Nationwide
AXA Financial, Inc. The NASDAQ Stock Market, Inc.
BancorpSouth, Inc. Northern Trust Corporation
BancWest Corporation The PMI Group, Inc.
Bank of America Corporation The PNC Financial Services Group, Inc.
Bank of Hawaii Corporation Popular, Inc.
The Bank of New York Mellon Corporation Principal Financial Group
Barclays Capital, Inc. Protective Life Corporation
BB&T Corporation Prudential Financial Inc.
Capital One Financial Corporation Raymond James Financial, Inc.
The Charles Schwab Corporation RBC Centura Banks, Inc.
The Chubb Corporation Regions Financial Corporation
Citigroup Inc. Safeco Corporation
Citizens Financial Group, Inc. State Farm Insurance Companies
City National Corporation State Street Corporation
Comerica Incorporated SunTrust Banks, Inc.
Commerce Bancshares, Inc. Synovus
Compass Bancshares, Inc. TD Banknorth Inc.
Countrywide Financial Corporation TIAA-CREF
Cullen/Frost Bankers, Inc. Toyota Financial Services
Edward Jones UBS
Federated Investors, Inc. UnionBanCal Corporation
Fidelity Investments United Bankshares, Inc.
Fifth Third Bancorp Unum
First Commonwealth Financial Corporation USAA
First Horizon National Corporation U.S. Bancorp
Ford Motor Credit Company Visa, Inc.
Fulton Financial Corporation Wachovia Corporation
General Electric Company Waddell & Reed Financial, Inc.
Genworth Financial Washington Mutual, Inc.
GMAC Financial Services Webster Financial Corporation
Guaranty Financial Services Wells Fargo & Company
Harris Bankcorp, Inc. Western & Southern Financial Group
The Hartford Financial Services Group, Inc. Whitney Holding Corporation
HSBC North America Holdings, Inc. Zions Bancorporation
Huntington Bancshares Incorporated Zurich Financial Services
ING
John Deere Credit Company

36 THE FINANCIAL SERVICES ROUNDTABLE

THE FINANCIAL SERVICES ROUNDTABLE
1001 Pennsylvania Avenue, N.W., Suite 500 South
Washington, DC 20004
202-289-4322 T
202-628-2507 F
info@fsround.org
www.fsround.org