FSOC

Stakeholders connected to the financial sector will have the opportunity to comment on ways federal banking agencies can reduce regulatory burden for covered entities. The Federal Financial Institutions Examination Council and banking regulators are required to weed out unnecessary, outdated, or unduly burdensome regulatory requirements every 10 years. Read on »

Nonbank mortgage activity and the use of automated tools in lending decisions are among the main focal points in the Financial Stability Oversight Council’s (FSOC) annual report summarizing key vulnerabilities in the financial system and recommendations for mitigating risks, as well as the council’s activities in 2023. Regulators commented on the need for FSOC to have more tools to help stem emerging financial stability risks. Read on »

The Financial Stability Oversight Council was unanimous in approving its 2023 annual report to Congress, reviewing the council’s take on U.S. financial market developments, potential emerging threats to financial stability and vulnerabilities in the financial system, as well as recommendations for mitigating such threats and vulnerabilities. Read on »

Federal regulators did not let their foot off the gas during the final weeks of 2023. Get caught up on some of the notable developments from prudential regulators and the Consumer Financial Protection Bureau during that time with links to additional information.  Read on »

A long-anticipated report from the Financial Stability Oversight Council (FSOC) on the financial stability risks and regulation of digital assets has been presented to Congress. The report urges Congress to pass legislation to curb the “systemic risks” that digital assets present to the financial system. Read on for more details. Read on »

Treasury Secretary Janet Yellen provided testimony to the Senate Committee on Banking, Housing, and Urban Affairs regarding the Financial Stability Oversight Committee (FSOC). She spoke about cryptocurrency, Russian sanctions, access to healthcare, the post-pandemic economy and cybersecurity.

Republicans on the committee were critical of what they considered the FSOC’s pursuit of a political agenda instead of focusing on “real risks” to the economy.

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President Biden signed an executive order directing federal agencies to examine the legal and economic ramifications of creating a U.S. central bank digital currency (CBDC). The order sets a 180-day deadline for a series of reports on “the future of money.”

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The Financial Stability Oversight Council met earlier this month in executive session by telephone.

The highlight news coming from the meeting was the announcement that the council would begin an activities-based review of secondary mortgage market activities.

Read on for more details, and reaction from Federal Housing Finance Agency Director Mark Calabria.

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As chairmen of the financial committees in Congress in 2010, Christopher Dodd and Barney Frank had their names go down in history when the financial reform package they authored was signed into law as the Dodd-Frank Wall Street Reform and Consumer Protection Act.

A decade later, the two men sat down for a conversation about the impact of their work, how financial reform has been implemented and what remains to be done.

Read on for details from their assessments.

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Former Fed Chairwoman Janet Yellen joined current Fed Gov. Lael Brainard and former Fed Gov. Jeremy Stein to discuss the impact of the Dodd-Frank Act on the banking and financial services industry over the past 10 years.

Among the top takeaways from the discussion was Yellen’s desire for Congress to create a new Dodd-Frank Act.

Read on for details from their discussion.

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