Acting Comptroller Issues Statement at Financial Stability Oversight Council Meeting on Nonbank Designations Guidance

The Office of the Comptroller of the Currency (OCC) has issued a statement in view of the finalized analytical framework for the identification, assessment, and response to potential risks to U.S. financial stability and the finalized interpretive guidance for the determination of whether or not a non-bank financial company should be „designated“ and thus be subject to Federal Reserve supervision and prudential requirements. Both documents were developed by the Financial Stability Oversight Council (FSOC) of the U.S. Department of the Treasury (USDT) and published by the USDT on November 3, 2023.
In its statement now, the Acting Comptroller of the Currency, Michael J. Hsu, notes that he strongly supports the adoption of the designations guidance and analytic framework as it is important to leverage on the tools provided by the Dodd-Frank Act to enhance the Council’s ability to identify and prevent threats to financial stability. In fact, the framework and guidance are considered adequate measures to fulfill these objectives.