At a hearing before the Senate Committee on Banking, Housing and Urban Affairs, Treasury Secretary Janet L. Yellen testified on the Financial Stability Oversight Council's 2021 Annual Report to Congress.
In its 2021 Annual Report, the Financial Stability Oversight Council assessed the state of the financial system and provided recommendations concerning climate-related financial risk, digital asset risk, the orderly transition away from LIBOR, and cybersecurity.
In its annual review of financial stability and systemic risk, the Financial Stability and Oversight Council highlighted COVID-19-related financial stresses.
In its annual Bank Supervision Operating Plan, the Office of the Comptroller of the Currency listed several key areas of focus for FY 2020.
The U.S. Office of Financial Research reported that overall risks to financial stability remain moderate, and highlighted new risks that have emerged, including cybersecurity vulnerabilities.