arrow_back Back to App

Enhanced Bank Safety: Mandatory Chief Risk Officer

New rules require large banks and financial institutions to employ a specialist responsible for risk management. This aims to increase financial stability and protect citizens' savings by better monitoring and responding to potential threats. If such a specialist is not in place, banks may face growth restrictions.
Key points
Large banks must appoint a Chief Risk Officer to oversee financial risk management.
The Chief Risk Officer will be responsible for setting risk limits, implementing safety procedures, and reporting issues.
If a Chief Risk Officer position is vacant, the bank must notify regulators and may face restrictions on increasing its assets.
article Official text account_balance Process page
Introduced
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_1910
Sponsor: Rep. Casten, Sean [D-IL-6]
Process start date: 2025-03-06
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

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 119_HR_1910.

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 2025-03-06.

What are the main provisions?

Key points include:

  • Large banks must appoint a Chief Risk Officer to oversee financial risk management.
  • The Chief Risk Officer will be responsible for setting risk limits, implementing safety procedures, and reporting issues.
  • If a Chief Risk Officer position is vacant, the bank must notify regulators and may face restrictions on increasing its assets.
What is the specific legal status?

The current status is Introduced.

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 2025-12-22.

CATEGORIES

Economy