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5/10/2024

READOUT: Financial Stability Oversight Council Meeting on May 10, 2024 | U.S. Department of the Treasury

READOUT: Financial Stability Oversight Council Meeting on May
10, 2024
May 10, 2024

WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of
the Financial Stability Oversight Council (Council) in executive and public sessions at the U.S.
Department of the Treasury (Treasury).
During the executive session, the Council received an update from member agency sta on
recent and planned work of the Councilʼs Financial Market Utilities (FMU) Committee, including
the committeeʼs review of the eight FMUs that the Council designated in 2012.
The Council also received an update from sta of Treasury and the Federal Reserve Bank of
New York on market developments related to corporate credit, including private credit. While
risks remain balanced in credit markets overall, the private credit market has grown
substantially and is a relatively opaque segment of the broader financial market that warrants
continued monitoring.
During the public session, the Council received a presentation on the Councilʼs Report on
Nonbank Mortgage Servicing. The Council voted unanimously to approve the issuance of the
report.
The Council also voted to approve its the minutes of its previous meeting on February 23,
2024.
In attendance at the Council meeting at Treasury or virtually were the following members:
Janet L. Yellen, Secretary of the Treasury (Chairperson of the Council)
Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System
Jay Gallagher, Senior Deputy Comptroller for Supervision Risk and Analysis, O ice of the
Comptroller of the Currency (acting pursuant to delegated authority)
Rohit Chopra, Director, Consumer Financial Protection Bureau
Gary Gensler, Chair, Securities and Exchange Commission
Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation
Rostin Behnam, Chairman, Commodity Futures Trading Commission
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READOUT: Financial Stability Oversight Council Meeting on May 10, 2024 | U.S. Department of the Treasury

Sandra L. Thompson, Director, Federal Housing Finance Agency
Todd M. Harper, Chairman, National Credit Union Administration (virtual)
Thomas Workman, Independent Member with Insurance Expertise
James Martin, Acting Director, O ice of Financial Research (non-voting member)
Steven Seitz, Director, Federal Insurance O ice (non-voting member)
Elizabeth K. Dwyer, Superintendent of Financial Services, Rhode Island Department of
Business Regulation (non-voting member)
Adrienne A. Harris, Superintendent, New York State Department of Financial Services (nonvoting member)
Melanie Lubin, Securities Commissioner, O ice of the Attorney General of Maryland,
Securities Division (non-voting member)
Additional information regarding the Council, its work, and the recently approved Report on
Nonbank Mortgage Servicing and meeting minutes is available at http://www.fsoc.gov.
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