Chief Risk Officer Enforcement and Accountability Act

HR 1910, the Chief Risk Officer Enforcement and Accountability Act, requires large financial firms with at least $50 billion in total assets to appoint a Chief Risk Officer (CRO). The CRO must oversee enterprise-wide risk limits, implement risk governance policies, and develop systems for identifying emerging risks and ensuring risk management independence. The bill mandates that firms notify regulators within 24 hours of a CRO vacancy and submit a hiring plan within 7 days, with penalties including public disclosure and asset caps if the vacancy persists beyond 60 days. It applies specifically to large banks without holding companies and nonbank financial firms supervised by the Federal Reserve Board.