SEC Chair Paul Atkins supported a Financial Stability Oversight Council proposal to revise nonbank designation interpretive guidance, though he reiterated his view that the underlying designation framework was fundamentally flawed.

Federal Reserve Governor Lisa D. Cook outlined how the Fed is refining its approach to financial stability by expanding scenario analysis, addressing data gaps, and tracking linkages across markets and institutions.

SEC Commissioner Hester M. Peirce argued that current regulatory approaches, which prioritize prescriptive rules, are becoming overly rigid and turning fund management into a costly compliance exercise.

The Financial Stability Oversight Council proposed revised guidance "on nonbank financial company determinations and its analytic framework for financial stability risks."

Senate Banking Committee Ranking Member Elizabeth Warren challenged Federal Reserve Division of Supervision and Regulation Director Randall Guynn to explain how he is managing potential conflicts of interest arising from his decades of representing Wall Street’s largest banks.