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3/19/2020

Readout of Financial Stability Oversight Council Meeting | U.S. Department of the Treasury

Readout of Financial Stability Oversight Council Meeting
September 4, 2019

WASHINGTON – U.S. Treasury Secretary Steven T. Mnuchin today convened a meeting of the
Financial Stability Oversight Council (Council) in executive session at the U.S. Department of the
Treasury (Treasury).
The Council discussed the development of its 2019 annual report and potential amendments to
its interpretive guidance on nonbank financial company designations.
The Council also heard a presentation from sta at the Board of Governors of the Federal
Reserve System (the Federal Reserve Board), the Federal Housing Finance Agency, and the
Conference of State Bank Supervisors regarding the growth of nonbank mortgage origination
and servicing and potential related risks.
In addition, the Council received an update from sta at Treasury, the Federal Reserve Board,
and the Commodity Futures Trading Commission regarding the transition from the London
Interbank O ered Rate (LIBOR) to alternative reference rates, including the Secured Overnight
Financing Rate (SOFR). Council members discussed existing e orts related to this transition and
emphasized the importance of further attention by market participants and regulators to
address any risks to the financial system that may arise related to LIBOR.
The Council also voted to approve its fiscal year 2020 budget and the minutes of its previous
meeting on May 30, 2019.
Additional information regarding the Council, its work, its meeting minutes, and its budget is
available at the Council's website.
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Readout of Financial Stability Oversight Council Meeting | U.S. Department of the Treasury

https://home.treasury.gov/news/press-releases/sm768

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