Congress·In Committee·H.R. 1910

Congress would require big banks to appoint chief risk officers and limit growth if the job stays vacant

Chief Risk Officer Enforcement and Accountability Act

about 1 year ago·View on Congress.gov

⏸

Stalled

No legislative action in over 90 days.

Legislative Progress

House

Senate

President

Law

Key Points

Requires certain large banking firms to appoint a Chief Risk Officer to lead company-wide risk oversight.
Sets clear duties for the Chief Risk Officer, like setting risk limits, tracking compliance, and reporting problems and new risks.
Makes the Chief Risk Officer report directly to both the bank’s risk committee and the CEO, aiming to keep risk warnings from being ignored.
If the role becomes vacant, the bank must tell regulators within 24 hours and submit a hiring plan within 7 days.
If the job stays open for 60+ days, the bank must tell the public and is blocked from growing its total assets until it hires someone.

EconomyConsumer Protection

Impact Analysis

Personal Impact

How this policy affects specific groups of people

Mixed Impacts(1)

Retiree

Neutral

Milestones

2 milestones2 actions

Mar 6, 2025House

Referred to the House Committee on Financial Services.

Mar 6, 2025

Introduced in House

What Happens Next

Projected impacts based on AI analysis

After the bill becomes law and regulators set expectations

Covered large banks ensure they have a Chief Risk Officer with the required reporting duties

Big banks would need to fill or formalize this role; customers and investors could see more consistent risk oversight over time.

Months after the bill becomes law

Regulators write and publish rules for large banks (≥$50B) that do not have a bank holding company

Some large standalone banks would newly have to create a risk committee and appoint a Chief Risk Officer, changing how they manage lending and other risks.

Once the law is in effect for covered firms

24-hour vacancy notices begin when a covered bank’s Chief Risk Officer job opens

Regulators (including relevant state agencies) would find out quickly if a big bank loses its top risk leader, reducing the chance a long vacancy goes unnoticed.

Within a week of any vacancy, once the law applies

7-day hiring plans are required after a Chief Risk Officer vacancy

Banks would have to show regulators how they will search for and hire a qualified replacement, creating pressure to move fast and document the plan.

60 days after any vacancy, if still unfilled

60-day limit triggers public notice and a cap on asset growth if the Chief Risk Officer role stays vacant

If a big bank can’t hire a replacement within 60 days, it must publicly disclose the long vacancy and it cannot grow total assets beyond the level on the vacancy date until the job is filled, which could slow expansion or acquisitions.