Newsroom

February 24, 2017

Mnuchin sets March 2 FSOC session

Treasury Secretary Steven Mnuchin yesterday announced plans for a March 2 executive, closed session of the Financial Stability Oversight Council but gave no indication whether the session will address review of the Dodd-Frank Act as directed in a Feb. 3 presidential executive order.

Instead, the announcement says the "preliminary agenda" addresses market developments, the council's 2017 annual report and an update on the annual re-evaluation of the designation of a nonbank financial company.

On Feb. 3, President Donald Trump signed an executive order that states "core principles" for U.S. financial regulation and directs the Treasury secretary to meet with members of the Financial Stability Oversight Council on ways to ease regulatory burden under the Dodd-Frank Act. That meeting is to take place within 120 days of the date the order was signed.

NAFCU is pressing for more regulatory relief for credit unions in conversations and meetings with members of the administration, Congress and regulators.