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Financial Stability Oversight Council

All articles tagged with #financial stability oversight council

finance1 year ago

"Janet Yellen's Crypto Oversight and Regulatory Challenges"

U.S. Treasury Secretary Janet Yellen is set to address Congress about the potential risks posed by the crypto industry, highlighting concerns such as stablecoins, runs on crypto platforms, and price volatility. Yellen emphasized the need for enforcing regulations and urged Congress to pass legislation for the regulation of stablecoins and the spot market for non-securities crypto-assets. The Financial Stability Oversight Council has been closely monitoring crypto risks, keeping the sector in the spotlight of U.S. government financial concerns.

via CoinDesk|
#crypto#finance#financial-stability-oversight-council
finance2 years ago

US Government Proposes Stricter Oversight of Non-Bank Financial Companies

Financial regulators have proposed a new framework to identify and address threats to financial stability, including closer scrutiny of nonbank financial companies. The proposal reverses guidance issued in 2019 that made it more difficult for nonbank financial companies to be designated as systemically important institutions. The Financial Stability Oversight Council has the power to designate nonbank financial firms as systemically important institutions if their failures pose a threat to financial stability, which would place those firms under the supervision of the Federal Reserve.

via CNN|
#finance#financial-stability-oversight-council#janet-yellen
finance2 years ago

US Treasury and Regulators Propose Tougher Oversight of Non-Bank Financial Companies.

The Treasury Department's risk oversight arm has proposed new tools for spotting issues in the US financial system, following the collapse of Silicon Valley Bank and Signature Bank. The Financial Stability Oversight Council has approved a framework on financial stability for public feedback, which will offer Americans more transparency into the council's operations and how it identifies systemic problems. The Treasury Department, along with the Federal Deposit Insurance Corp., backstopped depositors as they feared ripple effects from the collapse of SVB and Signature Bank, which catered in part to digital currency exchanges.

via CNBC|
#finance#financial-stability-oversight-council#financial-system
finance2 years ago

US Regulators Confirm Soundness of Banking System Despite Closed Meeting and Goldman Sachs Debacle

The US Treasury's Financial Stability Oversight Council held an unscheduled, closed meeting where the Federal Reserve Bank of New York staff gave a presentation on market developments, concluding that the US banking system "remains sound and resilient." The council also discussed member agencies' efforts to monitor financial developments. The transparency of the FSOC was criticized by House Financial Services Committee Subcommittee Chairs Andy Barr and Bill Huizenga, who asked for unredacted minutes of previous meetings.

via Cointelegraph|
#banking-system#federal-reserve#finance
finance2 years ago

"Regulators Affirm Soundness of U.S. Banking System Despite Recent Failures"

The US banking system remains "sound and resilient" despite stress on some institutions, according to the US Treasury's Financial Stability Oversight Council (FSOC). The multi-regulator body of financial regulators, led by Treasury Secretary Janet Yellen, met to discuss current conditions in the banking sector and noted that while some institutions have come under stress, the US banking system remains sound and resilient. The meeting came as markets continued to seesaw amid concerns that a two-week-old banking crisis sparked by the failures of Silicon Valley Bank and Signature Bank could worsen, spreading more runs on smaller banks.

via Reuters|
#bank-failures#finance#financial-stability-oversight-council
finance2 years ago

Yellen Takes Action to Stabilize Banking Sector Amid Crisis.

Treasury Secretary Janet Yellen chaired a private meeting with top financial regulators from the Financial Stability Oversight Council amid renewed fears over the global banking system. Regulators have rushed to contain fallout after the implosion of Silicon Valley Bank and Signature Bank earlier in March, including protecting all deposits at the two institutions. However, banks are still feeling the sting from the industry-wide turmoil, and a fresh banking sell-off gripped markets on Friday morning as shares of Deutsche Bank tumbled, reigniting worries about a broader financial crisis.

via Fox Business|
#bank-failures#finance#financial-stability-oversight-council
finance2 years ago

US Banking System at Risk: Regulators Knew of SVB-Type Collapse Five Years Ago.

A report from the Financial Stability Oversight Council (FSOC) shows that regulators knew about the risk posed by Silicon Valley Bank's (SVB) high proportion of uninsured deposits five years before its collapse, but no action was taken to reduce the risk. The report warned that uninsured deposits are at a much higher risk of bank runs than insured deposits. Despite this, regulators approved SVB's merger and did not subject the bank to enhanced supervision. Experts say high proportions of uninsured deposits are a major bank-run risk factor that should have prompted regulatory action.

via The Lever|
#bank-crisis#finance#financial-stability-oversight-council