1、2017 ANNUAL REPORT FINANCIAL STABILITY OVERSIGHT COUNCIL Financial Stability Oversight Councili i Financial Stability Oversight Council The Financial Stability Oversight Council (Council) was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and is charged

2、 with three primary purposes: 1. To identify risks to the financial stability of the United States that could arise from the material financial distress or failure, or ongoing activities, of large, interconnected bank holding companies or nonbank financial companies, or that could arise outside the

3、financial services marketplace. 2. To promote market discipline, by eliminating expectations on the part of shareholders, creditors, and counterparties of such companies that the U.S. government will shield them from losses in the event of failure. 3. To respond to emerging threats to the stability

4、of the U.S. financial system. Pursuant to the Dodd-Frank Act, the Council consists of ten voting members and five nonvoting members and brings together the expertise of federal financial regulators, state regulators, and an insurance expert appointed by the President. The voting members are: the Sec

5、retary of the Treasury, who serves as the Chairperson of the Council; the Chairman of the Board of Governors of the Federal Reserve System; the Comptroller of the Currency; the Director of the Bureau of Consumer Financial Protection; the Chairman of the Securities and Exchange Commission; the Chairp

6、erson of the Federal Deposit Insurance Corporation; the Chairperson of the Commodity Futures Trading Commission; the Director of the Federal Housing Finance Agency; the Chairman of the National Credit Union Administration; and an independent member having insurance expertise who is appointed by the

7、President and confirmed by the Senate for a six-year term. The nonvoting members, who serve in an advisory capacity, are: the Director of the Office of Financial Research; the Director of the Federal Insurance Office; a state insurance commissioner designated by the state insurance commissioners; a

8、state banking supervisor designated by the state banking supervisors; and a state securities commissioner (or officer performing like functions) designated by the state securities commissioners. The state insurance commissioner, state banking supervisor, and state securities commissioner serve two-y

9、ear terms. 2 0 17 F S O C / Annual Reportii Statutory Requirements for the Annual Report Section 112(a)(2)(N) of the Dodd-Frank Act requires that the annual report address the following: i. the activities of the Council; ii. significant financial market and regulatory developments, including insuran

10、ce and accounting regulations and standards, along with an assessment of those developments on the stability of the financial system; iii. potential emerging threats to the financial stability of the United States; iv. all determinations made under Section 113 or Title VIII, and the basis for such d

11、eterminations; v. all recommendations made under Section 119 and the result of such recommendations; and vi. recommendations I. to enhance the integrity, efficiency, competitiveness, and stability of United States financial markets; II. to promote market discipline; and III. to maintain investor con

12、fidence. Approval of the Annual Report This annual report was approved unanimously by the voting members of the Council on December 14, 2017. Except as otherwise indicated, data cited in this report are as of October 31, 2017. Abbreviations for Council Member Agencies and Member Agency Offices Depar

13、tment of the Treasury (Treasury) Board of Governors of the Federal Reserve System (Federal Reserve) Office of the Comptroller of the Currency (OCC) Bureau of Consumer Financial Protection (CFPB) Securities and Exchange Commission (SEC) Federal Deposit Insurance Corporation (FDIC) Commodity Futures T

14、rading Commission (CFTC) Federal Housing Finance Agency (FHFA) National Credit Union Administration (NCUA) Office of Financial Research (OFR) Federal Insurance Office (FIO) iiiContents Contents 1 Member Statement .1 2 Executive Summary .3 3 Annual Report Recommendations .7 3.1 Cybersecurity .7 3.2 A

15、sset Management Products and Activities .10 3.3 Capital, Liquidity, and Resolution .10 3.4 Central Counterparties .11 3.5 Wholesale Funding Markets .12 3.6 Reforms Related to Reference Rates .12 3.7 Data Quality, Collection, and Sharing .13 3.8 Housing Finance Reform .15 3.9 Managing Vulnerabilities

16、 in an Environment of Low, but Rising, Interest Rates .16 3.10 Changes in Financial Market Structure and Implications for Financial Stability .16 3.11 Financial Innovation .17 3.12 Regulatory Efficiency and Effectiveness .17 4 Financial Developments . 19 4.1 U.S. Treasuries .19 4.2 Sovereign Debt Ma

17、rkets.21 Box A: European Banking Sector Developments .24 4.3 Corporate Credit .30 4.4 Household Credit .33 4.5 Real Estate Markets .36 Box B: Valuations in Commercial Real Estate Markets . 43 4.6 Foreign Exchange . 45 4.7 Equities .47 4.8 Commodities . 48 2 0 17 F S O C / Annual Reportiv 4.9 Wholesa

18、le Funding Markets .49 4.10 Derivatives Markets . 54 4.11 Bank Holding Companies and Depository Institutions . 66 4.12 Nonbank Financial Companies .81 4.13 Investment Funds .87 Box C: Market Response to Money Market Mutual Fund Reforms . 88 4.14 New Financial Products and Services.98 5 Regulatory De

19、velopments and Council Activities . 101 5.1 Safety and Soundness .101 5.2 Financial Infrastructure, Markets, and Oversight.108 Box D: Stress Testing of Derivatives Central Counterparties .110 5.3 Mortgages and Consumer Protection .114 5.4 Data Scope, Quality, and Accessibility .115 5.5 Council Activ

20、ities .120 6 Potential Emerging Threats and Vulnerabilities . 123 6.1 Ongoing Structural Vulnerabilities .123 6.2 Cybersecurity: Vulnerabilities to Attacks on Financial Services .127 6.3 Asset Management Products and Activities .128 6.4 Managing Vulnerabilities in an Environment of Low, but Rising,

21、Interest Rates .128 6.5 Changes to Financial Market Structure and Implications for Financial Stability .129 6.6 Global Economic and Financial Developments .130 Box E: Closing Data Gaps in the U.S. Treasury Market .131 Abbreviations . 135 Glossary . 145 List of Charts . 155 1Member Statement In accor

22、dance with Section 112(b)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, for the reasons outlined in the annual report, I believe that additional actions, as described below, should be taken to ensure financial stability and to mitigate systemic risk that would negatively affec

23、t the economy: the issues and recommendations set forth in the Councils annual report should be fully addressed; the Council should continue to build its systems and processes for monitoring and responding to emerging threats to the stability of the United States financial system, including those de

24、scribed in the Councils annual report; the Council and its member agencies should continue to implement the laws they administer, including those established by, and amended by, the Dodd-Frank Act, through efficient and effective measures; and the Council and its member agencies should exercise thei

25、r respective authorities for oversight of financial firms and markets so that the private sector employs sound financial risk management practices to mitigate potential risks to the financial stability of the United States. The Honorable Paul D. Ryan Speaker of the House United States House of Repre

26、sentatives The Honorable Nancy Pelosi Democratic Leader United States House of Representatives The Honorable Michael R. Pence President of the Senate United States Senate The Honorable Mitch McConnell Majority Leader United States Senate The Honorable Charles E. Schumer Democratic Leader United Stat

27、es Senate 1 Member Statement Steven T. Mnuchin Secretary of the Treasury Chairperson, Financial Stability Oversight Council Grace Dailey Senior Deputy Comptroller and Chief National Bank Examiner Office of the Comptroller of the Currency Jay Clayton Chairman Securities and Exchange Commission J. Chr

28、istopher Giancarlo Chairman Commodity Futures Trading Commission J. Mark McWatters Chairman National Credit Union Administration Janet L. Yellen Chair Board of Governors of the Federal Reserve System J. Michael Mulvaney Acting Director Bureau of Consumer Financial Protection Martin J. Gruenberg Chai

29、rman Federal Deposit Insurance Corporation Melvin L. Watt Director Federal Housing Finance Agency S. Roy Woodall, Jr. Independent Member Having Insurance Expertise Financial Stability Oversight Council 3Executive Summary U.S. financial market conditions have generally been stable since the publicati

30、on of the Councils last annual report. Asset prices generally increased, commodity prices partially recovered after falling in previous years, and commercial real estate (CRE) valuations remained high, according to certain measures. Short-term funding markets experienced significant changes over the

31、 past two years as SEC reforms of money market mutual funds (MMFs) went into effect. While low interest rates have supported growth in recent years, interest rates have generally increased across maturities since the Councils last annual report, against the backdrop of continued gradual improvement

32、in economic fundamentals. Developed economies grew at relatively subdued levels, and emerging market economic growth picked up slightly, as the global economy has continued to rebound slowly in the post-crisis period. At the same time, several factors continue to generate global economic uncertainty

33、, including developments following the referendum in the United Kingdom (UK) to leave the European Union (EU), problems affecting European banks, and rapid corporate credit growth in China. Since the Councils last annual report, actions by financial regulatory agencies have included the continued im

34、plementation of capital and liquidity standards for financial institutions; application of supervisory and company-run stress tests; supervisory review and feedback on large banking organizations resolution plans; implementation of additional reforms of the derivatives markets and of asset managemen

35、t practices; enhanced safeguards related to operational risks for technological systems and cybersecurity; and improvements in data scope, quality, and accessibility. Over the past 18 months, the Council rescinded its designations of two nonbank financial companies for supervision by the Federal Res

36、erve. In June 2016, the Council rescinded its determination regarding GE Capital Global Holdings, LLC (GE Capital), based on its determination that changes at GE Capital since the Councils July 2013 determination significantly reduced the potential for GE Capitals material financial distress to thre

37、aten U.S. financial stability. The Council rescinded its determination regarding AIG in September 2017, based on decreased capital markets exposures to the company; the companys exit from certain important financial markets; and additional Council analyses indicating that there is not a significant

38、risk that a forced asset liquidation by AIG would disrupt market functioning and thereby pose a threat to U.S. financial stability. The Council continues to serve as a forum to facilitate coordination among federal and state financial regulatory agencies to monitor market developments and identify p

39、otential threats to financial stability. As a result of post-crisis regulatory reforms, the U.S. financial system is clearly stronger and much better positioned to withstand a market shock or an economic downturn than it was before the financial crisis. Maintaining a resilient financial system is important in large part because economic growthand the economic well-being of Americansdepends on the financial systems ability to provide capital to businesses and individuals, to provide vehicles for savings, and to intermediate financial transactions even