Tag Archives: FSOC

The House passed two bipartisan bills that are aimed at increasing accountability for both, banks and nonbanks.

The Committee on Financial Services held a hearing on Thursday, September 22, to receive the “Annual Report of the Financial Stability Oversight Council” and the Secretary of the Treasury’s testimony on the report.

The calls for housing finance reform have come from just about everywhere—the left, the right, and every type of organization. Now they've come from a council that was created by Dodd-Frank.

Eight of the nine members of the Financial Stability Oversight Council testify Tuesday before the House Financial Services Committee. Any realistic movement toward GSE reform leads to the FSOC, so what they say Tuesday will echo through the industry.

One of the major reasons why the financial crisis occurred back in 2008 is that the country was ill-equipped to address risks to the financial system; the regulatory structure could not keep up with the changing U.S. financial marketplace and the country lacked single entity that was accountable for protecting the stability of the entire financial system, Pinschmidt said.

The National Association of Insurance Commissioners (NAIC), the American Council of Life Insurers (ACLI), the Academic Experts in Financial Regulation (AEFR), and the U.S. Chamber of Commerce all filed briefs backing the New York-based global insurance provider's attempt to remove the SIFI tag.

In its annual report released earlier this week, the Financial Stability Oversight Council (FSOC) recommended that the Federal Housing Finance Agency (FHFA) continue to encourage Fannie Mae and Freddie Mac to spread mortgage credit risk across the private market.