WASHINGTON—Treasury Secretary Steven Mnuchin has announced plans for a March 2 executive, closed session of the Financial Stability Oversight Council, but has given no indication whether the session will address review of the Dodd-Frank Act as directed in a Feb. 3 presidential executive order.
Instead, the announcement says the “preliminary agenda” addresses market developments, the council’s 2017 annual report and an update on the annual re-evaluation of the designation of a nonbank financial company, noted NAFCU in its analysis.
On Feb. 3, President Donald Trump signed an executive order that states “core principles” for U.S. financial regulation and directs the Treasury secretary to meet with members of the Financial Stability Oversight Council on ways to ease regulatory burden under the Dodd-Frank Act. That meeting is to take place within 120 days of the date the order was signed, noted NAFCU.
NAFCU said it is pressing for more regulatory relief for credit unions in conversations and meetings with members of the administration, Congress and regulators.