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WASHINGTON – At this time, U.S. Secretary of the Treasury Janet L. Yellen convened a gathering of the Monetary Stability Oversight Council (Council) in government and public classes on the U.S. Division of the Treasury (Treasury).
Through the government session, the Council heard an replace from employees of the Board of Governors of the Federal Reserve System and Treasury on the continued efforts of the Council’s Nonbank Mortgage Servicing Job Power concerning potential monetary stability dangers associated to nonbank mortgage servicers.
The Council additionally acquired an replace from Treasury employees on work by the Council’s Hedge Fund Working Group, together with an outline of current hedge fund market developments and the position of hedge funds in Treasury market intermediation. The working group additionally introduced on potential monetary stability dangers related to hedge fund actions and potential responses to recognized dangers.
As well as, the Council heard an replace from Workplace of the Comptroller of the Forex employees on work by the Council’s Local weather-related Monetary Threat Committee, together with efforts to develop a framework to observe monetary establishments’ exposures to climate-related monetary dangers. The Council intends to make use of the framework to higher combine these dangers into its evaluation and evaluation of monetary stability dangers.
The Council additionally acquired a presentation from Treasury employees on current cybersecurity developments, together with an replace on the public-private partnership efforts established by the Cloud Govt Steering Group for addressing the dangers related to using cloud companies within the monetary sector. Latest cyber-related incidents have been additionally mentioned, as was the necessity to overview occasions for classes realized and proceed to enhance cyber incident response playbooks.
Through the public session, the Council acquired a presentation on the Council’s 2023 annual report and voted unanimously to approve the report.
The Council additionally voted to approve the minutes of its earlier assembly on November 3, 2023.
In attendance on the Council assembly at Treasury or nearly have been the next members:
- Janet L. Yellen, Secretary of the Treasury (Chairperson of the Council)
- Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System (digital)
- Michael J. Hsu, Performing Comptroller of the Forex
- Rohit Chopra, Director, Shopper Monetary Safety Bureau
- Gary Gensler, Chair, Securities and Change Fee
- Martin Gruenberg, Chairman, Federal Deposit Insurance coverage Company
- Rostin Behnam, Chairman, Commodity Futures Buying and selling Fee
- Sandra L. Thompson, Director, Federal Housing Finance Company
- Todd M. Harper, Chairman, Nationwide Credit score Union Administration
- Thomas Workman, Impartial Member with Insurance coverage Experience
- James Martin, Performing Director, Workplace of Monetary Analysis (non-voting member)
- Steven Seitz, Director, Federal Insurance coverage Workplace (non-voting member)
- Elizabeth Okay. Dwyer, Superintendent of Monetary Providers, Rhode Island Division of Enterprise Regulation (non-voting member)
- Adrienne A. Harris, Superintendent, New York State Division of Monetary Providers (non-voting member)
- Melanie Lubin, Securities Commissioner, Workplace of the Legal professional Normal of Maryland, Securities Division (non-voting member)
Further info concerning the Council, its work, and the just lately authorized annual report and assembly minutes is offered at http://www.fsoc.gov.
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