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Chief Risk Officer Enforcement and Accountability Act (HR-1910) · Congress.wiki

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Text as it was Introduced in House

March 6, 2025

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March 6, 2025 (1 year ago)

Referred to the House Committee on Financial Services.

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United StatesHouse Bill 1910HR 1910

Chief Risk Officer Enforcement and Accountability Act

Finance and Financial Sector

house

senate

president

Introduced March 6, 2025 by Sean Casten · Last progress 1 year ago

AI Summary

Requires covered large financial firms to appoint a qualified chief risk officer (CRO) and clearly defines the CRO’s duties. The CRO must set enterprise‑wide risk limits, run and monitor risk policies and systems, report directly to the board’s risk committee and the CEO, and quickly fix any weaknesses.

If the CRO job becomes vacant, firms must notify regulators within 24 hours, submit a hiring plan within 7 days, and face consequences if the role remains unfilled after 60 days. Certain large banks that are not part of a bank holding company must also create a board‑level risk committee and appoint a CRO.