U.S. Secretary of the Treasury Janet L. Yellen presided over a meeting of the Financial Stability Oversight Council (Council) in both executive and public sessions at the U.S. Department of the Treasury (Treasury) on May 10, 2024.
In the executive session, updates were provided by member agency staff on recent and planned activities of the Council’s Financial Market Utilities (FMU) Committee. This included a review of the eight FMUs that were designated by the Council in 2012.
The Council was also briefed by staff from the Treasury and the Federal Reserve Bank of New York about market developments related to corporate credit, including private credit. Despite overall balanced risks in credit markets, it was noted that the private credit market has seen significant growth and remains a relatively opaque segment within the broader financial market, necessitating continued monitoring.
During its public session, a presentation was made on the Council’s Report on Nonbank Mortgage Servicing. The issuance of this report received unanimous approval from all members of the Council.
The minutes from its previous meeting held on February 23, 2024, were also approved by a vote during this gathering.
The following members attended either in person or virtually: Janet L. Yellen, Jerome H. Powell, Jay Gallagher, Rohit Chopra, Gary Gensler, Martin Gruenberg, Rostin Behnam, Sandra L. Thompson, Andrew Leventis, Thomas Workman, James Martin (non-voting), Steven Seitz (non-voting), Elizabeth K. Dwyer (non-voting), Adrienne A. Harris (non-voting), and Melanie Lubin (non-voting).
Further information regarding the Council's work and recently approved Report on Nonbank Mortgage Servicing can be found at http://www.fsoc.gov.
