ALEXANDRIA, Va. (5/8/14)--The Financial Stability Oversight Council (FSOC) released its annual report for 2013, citing seven themes throughout the 195-page document.
The council noted that the U.S. financial system has seen positive developments and continues to grow stronger. However, "significant risks to the financial stability of the U.S. remain," the council said.
Practices by nonbank financial firms, such as mortgage-servicing companies, is one area that is coming under scrutiny (The Wall Street Journal May 7).
The themes of the council's fourth annual report are:
"It is important for us to be continually reconsidering and evaluating risks to the credit union system," said National Credit Union Administration Board Chairman Debbie Matz, who is a voting member. "Participation in FSOC and the annual report are valuable components of that process."
She urged credit unions to read the report, "Because financial stability and the health of a growing economy are critical to the success of the industry."
Matz pointed out the following items:
Among the council members are representatives from the Treasury Department, Federal Reserve System, Comptroller of the Currency, Consumer Financial Protection Bureau, Securities and Exchange Commission; Federal Deposit Insurance Corp., Commodity Futures Trading Commission and the Federal Housing Finance Agency.