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  • Remarks By US Secretary Of The Treasury Janet L. Yellen At The Open Session Of The Meeting Of The US Financial Stability Oversight Council

    Date 10/05/2024

    Today, the Financial Stability Oversight Council will vote on publishing a report on nonbank mortgage servicing. The Council has highlighted in its annual reports the risks associated with the growing share of mortgages serviced by nonbank mortgage companies. It has also promoted collaboration on this issue among regulators and federal agencies through its Nonbank Mortgage Servicing Task Force. Now, the Council is leveraging its Analytic Framework, published this past November, to undertake a comprehensive analysis of risks on a sector-wide basis and make concrete recommendations to address them.

  • US Acting Comptroller Of The Currency Issues Statement On Financial Stability Oversight Council’s Report On Nonbank Mortgage Servicing

    Date 10/05/2024

    Acting Comptroller of the Currency Michael J. Hsu today issued the following statement in support of the vote by the Financial Stability Oversight Council (FSOC) to issue its Report on Nonbank Mortgage Servicing:

  • The Analytical Challenges Of Regulating Today’s Financial Markets, SEC Commissioner Mark T. Uyeda, Washington D.C., May 10, 2024

    Date 10/05/2024

    Thank you for the opportunity to deliver the lunch keynote address at the Commission’s 11th Annual Conference on Financial Market Regulation. The SEC’s Division of Economic and Risk Analysis, led by Chief Economist Jessica Wachter, has spent much time and energy to hold this conference. I also appreciate our partners at the University of Maryland’s Center for Financial Policy and Lehigh University’s Center for Financial Services for their contributions to the event. Today’s gathering provides a platform that pulls together viewpoints, insights and analysis from academia, industry, and the Commission pertinent to contemporary policy issues facing the financial markets. My remarks today reflect my individual views as a Commissioner and do not necessarily reflect the views of the full Commission or my fellow Commissioners.

  • The US Financial Stability Oversight Council Releases Report On Nonbank Mortgage Servicing

    Date 10/05/2024

    The Financial Stability Oversight Council (Council) today released its Report on Nonbank Mortgage Servicing.  The report documents the growth of the nonbank mortgage servicing sector and the critical roles that nonbank mortgage servicers play in the mortgage market.  It identifies certain key vulnerabilities that can impair servicers’ ability to carry out these critical functions and describes how these vulnerabilities could amplify shocks to the mortgage market and pose risks to financial stability.  The report includes the Council’s recommendations to enhance the resilience of the nonbank mortgage servicing sector, drawing on existing authorities of state and federal regulators and also encouraging Congress to act to address the identified risks.  The report was drafted by Council member agencies in coordination with the Government National Mortgage Association (Ginnie Mae). 

  • Readout: US Financial Stability Oversight Council Meeting On May 10, 2024

    Date 10/05/2024

    Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive and public sessions at the U.S. Department of the Treasury (Treasury).