The Financial Stability Oversight Council on Friday proposed guidance to make it easier to designate non-bank financial institutions for regulatory supervision and new procedures to better identify and respond to financial system risks.
The multi-regulator council charged with policing stability risks in the financial system released the proposals for public comment just over a month after two regional bank failures sparked the biggest contagion threat since the 2008 financial crisis.
But the banking sector turmoil showed that showed financial regulators' "work is not done" and supervisory and regulatory changes are needed "to help prevent financial disruptions from starting and spreading in the first place," Yellen said. National Credit Union Administration Chair Todd Harper described the 2019 designation process as "an overly lengthy and Rube Goldberg-like process with various hurdles for doing so."
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