READOUT: Financial Stability Oversight Council Meeting on October 18, 2024

WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive session at the U.S. Department of the Treasury (Treasury).During the meeting, the Council received an update by staff of the Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve System on banking and commercial real estate developments. Council members noted that depository institutions should continue proactively to manage shifts in economic and interest rate conditions and discussed efforts undertaken by institutions and supervisors to enhance resilience planning. The Council also discussed the need for continued monitoring of credit conditions, and the impact of interest rates on banks’ net interest margins, deposit flows, and fair-value losses on securities.The Council also received an update from Federal Housing Finance Agency (FHFA) staff on an FHFA proposed rule to provide the Federal Home Loan Banks (FHLBs) with more flexibility to manage intraday liquidity