Financial Stability Oversight Council (FSOC) Releases Fourth Annual Report
May 8, 2014 – Arlington, Va. The Financial Stability Oversight Council (FSOC), which was established by the Dodd-Frank Act in 2010 and charged with identifying risks and responding to emerging threats to US financial stability, and providing direction to the Treasury Department’s Office of Financial Research, has released its fourth annual report. The 155-page report includes a section on the FSOC’s outlook on the credit union system, which begins around page 68.
The report was developed collaboratively by the members of the FSOC and their agencies and staffs. It outlines a range of issues, including significant financial market and regulatory developments, potential emerging threats to the financial stability of the United States, and the activities of the Council. It also includes recommendations to promote market discipline, maintain investor confidence, and enhance the integrity, efficiency, competitiveness and stability of U.S. financial markets.
The FSOC is chaired by Treasury Secretary Jack Lew, and brings together the expertise of the federal financial regulators, an insurance expert appointed by the president, and state regulators. Voting members of the FSOC include: Lew; Federal Reserve Chair Janet Yellen; Currency Comptroller Thomas Curry; Consumer Financial Protection Bureau Director Richard Cordray; Securities and Exchange Commission Chair Mary Jo White; Commodity Futures Trading Commission Acting Chair Mark P. Wetjen; Federal Housing Finance Agency Director Melvin L. Watt; National Credit Union Administration Chair Debbie Matz; and insurance expert S. Roy Woodall, Jr., an independent member of the FSOC. Non-voting members are: Federal Insurance Office Director Michael T. McRaith; Office of Financial Research Director Richard Berner; Missouri Department of Insurance, Financial Institutions and Professional Registration Director John Huff; Louisiana Office of Financial Institutions Commissioner John Ducrest; and David Massey, deputy securities administrator of the North Carolina Department of the Secretary of State, Securities Division.
The FSOC 2014 Annual Report can be found in its entirety here. An article published by the NCUA on the report can be found here.