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Enhanced Bank Oversight: Mandatory Chief Risk Officer

New rules require large banks to appoint a dedicated Chief Risk Officer responsible for managing financial risks. This aims to enhance financial stability and protect citizens' savings by improving how banks monitor and respond to threats. Banks failing to fill this position may face growth restrictions.
Key points
Large banks must appoint a Chief Risk Officer to oversee financial safety.
The Chief Risk Officer will be responsible for setting risk limits and ensuring compliance across the entire bank.
If the Chief Risk Officer position becomes vacant, banks must promptly notify regulators and the public, and may face asset growth limitations.
These rules also apply to large banks not part of a bank holding company.
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Expired
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Additional Information
Print number: 118_HR_4062
Sponsor: Rep. Casten, Sean [D-IL-6]
Process start date: 2023-06-13
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Chief Risk Officer Enforcement and Accountability Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4062.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-06-13.

What are the main provisions?

Key points include:

  • Large banks must appoint a Chief Risk Officer to oversee financial safety.
  • The Chief Risk Officer will be responsible for setting risk limits and ensuring compliance across the entire bank.
  • If the Chief Risk Officer position becomes vacant, banks must promptly notify regulators and the public, and may face asset growth limitations.
  • These rules also apply to large banks not part of a bank holding company.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Casten, Sean [D-IL-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy