Bill > HR1910

This bill amends the Financial Stability Act of 2010 to require large banking institutions to appoint and maintain a Chief Risk Officer (CRO) with specific responsibilities and accountability measures. The bill mandates that companies with substantial assets must select a CRO from among individuals with extensive experience in identifying, assessing, and managing risk exposures in complex financial firms. The CRO will be responsible for establishing enterprise-wide risk limits, implementing risk management governance and procedures, developing systems for identifying and reporting risks, ensuring risk management independence, and integrating risk management with the company's compensation structure. The CRO must report directly to both the company's risk committee and chief executive officer, with a specific obligation to report and resolve risk management deficiencies. If the CRO position becomes vacant, the company must notify regulators within 24 hours, submit a hiring plan within 7 days, and if the position remains unfilled after 60 days, the company must publicly disclose the vacancy and will be prohibited from expanding its total assets until a new CRO is hired. The bill applies to banks with consolidated assets of $50 billion or more and includes provisions for both bank holding companies and large banks without holding companies.

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https://www.congress.gov/bill/119th-congress/house-bill/1910/all-info