News & Analysis as of

U.S. Treasury Financial Institutions Financial Stability Oversight Council

Orrick, Herrington & Sutcliffe LLP

Treasury requests information on AI in financial services sector

On June 6, the Department of the Treasury released a request for information (RFI) to collect from financial institutions, consumers, advocates, academics, and other stakeholders’ data on the uses, opportunities and risks...more

WilmerHale

Treasury Issues Request for Information on Uses of AI

WilmerHale on

On June 6, 2024, the US Department of the Treasury (Treasury) issued a request for information (RFI) on the “uses, opportunities and risks of artificial intelligence (AI) in the financial services sector.” The RFI seeks...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday, December 15 2023

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December 14, 2023 - FSOC Issues Annual Report- The Financial Stability Oversight Council released its 2023 annual report reviewing financial market developments, describing potential emerging threats to U.S. financial...more

Troutman Pepper

FSOC Votes Unanimously to Finalize Process for Designating Nonbanks for Federal Reserve Supervision

Troutman Pepper on

On November 3, the Financial Stability Oversight Council (FSOC) voted unanimously to finalize the procedures for designating a nonbank financial company for Federal Reserve supervision. FSOC’s Interpretive Guidance aims to...more

Paul Hastings LLP

Daily Financial Regulation Update -- Saturday, April 22, 2023

Paul Hastings LLP on

April 21, 2023- The Financial Stability Oversight Council (Council) voted unanimously to issue for public comment a proposed analytic framework for financial stability risks. The Council also voted unanimously to issue for...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday, September 16, 2022

Paul Hastings LLP on

Hearing: Oversight of the U.S. Securities and Exchange Commission- September 15, 2022- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Oversight of the U.S. Securities and...more

Morrison & Foerster LLP

Financial Services Report - Summer 2021

As spring turns to summer, climate change is on our minds. A new day, a new story about how financial institutions are addressing climate-related risks. In the past few months, six major banks—Bank of America, JPMorgan...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Federal Reserve bank released the minutes from its September meeting yesterday. Among other things, we learned that the Fed Governors moved largely in lockstep on September’s rate hike, even as the crew was less unanimous...more

A&O Shearman

Treasury Secretary Mnuchin Testifies Before the US Senate Committee on Banking, Housing, & Urban Affairs

A&O Shearman on

Treasury Secretary Steven Mnuchin testified before the US Senate Committee on Banking, Housing, & Urban Affairs at the committee’s Financial Stability Oversight Council annual report to Congress hearing. In his prepared...more

Kramer Levin Naftalis & Frankel LLP

Treasury Review of FSOC’s Systemic Risk Oversight Recommends Activities-Based Approach

The U.S. Department of the Treasury (Treasury) recently released its long-awaited review of the determination and designation processes of the Financial Stability Oversight Council (FSOC), created under the Dodd-Frank Wall...more

Carlton Fields

D.C. Circuit Rules Small Bank has Standing to Challenge the Constitutionality of Consumer Financial Protection Bureau

Carlton Fields on

Last week, the D.C. Circuit Court of Appeals reversed a D.C. District Court decision dismissing a bank’s complaint challenging the constitutionality of the CFPB based on lack of standing. The district court had concluded that...more

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