Matz Signs Attestation for FSOC Annual Report
ALEXANDRIA, Va. (July 26, 2011) – National Credit Union Administration (NCUA) Board Chairman Debbie Matz attested to Congress her approval of the Financial Stability and Oversight Council’s (FSOC) annual report with recommendations. The FSOC released its first annual review of emerging risks in the financial system today.
During the past year, NCUA has worked with other regulators on the FSOC to implement the initiatives mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act to restore integrity in the markets and strengthen the public’s trust in the financial system.
“Our combined FSOC activities, independent actions, and joint rulemakings are correcting many of the weaknesses laid bare by the financial crisis,” said Matz at the FSOC’s July 18 meeting. “Together, on the FSOC, we have made significant progress in issuing a number of important studies, proposed and final rules, and establishing a venue for identifying and analyzing emerging risks.”
The approval today of the first FSOC annual report includes important recommendations for addressing some emerging risks facing the financial system. Matz signed a statement to Congress endorsing the FSOC study’s findings and recommendations.
“The approval of the first FSOC annual report, which includes key recommendations for addressing emerging risks facing our financial system, marks an important milestone,” said Matz. “The FSOC is a critical institution that will have an important role in financial stability for many years to come.”
Matz represents NCUA as one of ten voting members of the FSOC. The FSOC annual report can be found at www.treasury.gov/FSOC
NCUA is the independent federal agency created by
the U.S. Congress to regulate, charter and supervise
federal credit unions. With the backing of the full
faith and credit of the United States, NCUA operates
and manages the National Credit Union Share
Insurance Fund, insuring the deposits of more than
98 million account holders in all federal credit
unions and the overwhelming majority of
state-chartered credit unions. At
Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.