Matz: FSOC 'an unheralded success story'
The Financial Stability Oversight Council released its 2013 annual report Wednesday.
May 8, 2014 – NCUA Chairman Debbie Matz called the Financial Stability Oversight Council “an unheralded success story” in an announcement Wednesday that urges credit unions to read the council’s 2013 annual report.
The council, created by the Dodd-Frank Act, includes Matz, the Treasury secretary, the heads of the federal banking regulators, securities and commodities market regulators, the housing agencies and CFPB Director Richard Cordray. Its charge is to monitor risk to the U.S. financial system, promote market discipline and watch for emerging threats.
Matz, in yesterday’s announcement, pointed specifically to the council’s recommendation that agencies continue to promote forward-looking capital and liquidity planning. “I am happy to note NCUA recently finalized a stress testing and capital planning requirement for credit unions with more than $10 billion in assets, and we are receiving public comment on a modernized risk-based capital rule.”
The NCUA chairman also notes mentions in the 2013 report of increased interest-rate volatility, technological change and operational risks, including cyber security risks.
The panel’s 2013 report recaps significant rulemakings of the past year by its member agencies and looks at the state of regulated institutions. The full report is online.
FSOC 2013 annual report