FSOC Meeting on SEC, OCC Initiatives

On Feb. 23, FSOC held meeting, SEC regulatory initiatives discussed.

  • US Treasury Yellen presided over a meeting of the FSOC held at the US Treasury.
  • SEC Gensler gave an updated on agency’s regulatory initiatives, as did OCC, CFPB.
  • FSOC approved the minutes of previous meeting on Nov. 3, 2023, see #194860.
  • Meeting Overview
  • SEC Chair Gensler updated on on securities settlement cycle, central clearing and dealer registration, short-term funding markets, and private fund reporting.
  • FSOC also heard an update by OCC staff on banking and commercial real estate (CRE) market developments; will continue to closely monitor developments in CRE markets.
  • Recent market volatility reinforced importance of strong supervision of CRE at banks.
  • In addition, CFPB presented on the CFPB’s proposed rule for defining larger participants of a market for general-use digital consumer payment applications.
  • FSOC discussed evolving payments landscape and new entrants in the sector.
  • Treasury on progress on its 2023 priorities and proposals for FSOC’s 2024 priorities.
  • FSOC supported continued work on existing priorities, such as nonbank financial inter- mediation, climate-related financial risk, Treasury market resilience, and digital assets.
  • Also need for continued application of its analytic framework to identify, assess, financial stability risk, and monitoring cyber resilience, financial market utilities, AI.
  • Updated on OFR’s work to collect data on non-centrally cleared bilateral repurchase agreement transactions. Council members emphasized the importance of this work.
  • Work to bring greater official-sector transparency to secured financing market.

Regulators CFPB; FSOC; OCC; OFR; SEC; US Treasury
Entity Types B/D; Bank; Corp
Reference PR, 2/23/2024; ESG
Functions Compliance; Cyber; Environment; Financial; Legal; Operations; Reporting; Research; Risk; Settlement
Countries United States of America
Category Central Government; National Regulator
Products AI; Banking; Clearing; Corporate; Cryptocurrency; Loan; Payments; Securities
Regions Am
Rule Type Guidance
Rule Date 2/23/2024
Effective Date 2/23/2024
Rule Id 202086
Linked to Rule :194860
Reg. Last Update 2/23/2024
Report Section US Investment

Last substantive update on 02/26/2024