From DFI to CSBS to FSOC


Section 111 of the Dodd Frank Wall Street Reform and Consumer Protection Act established the Financial Security Oversight Council (FSOC). In fact, the FSOC had its first meeting on October 1. Although all of the voting members (with one exception) are members by virtue of their position as federal officials, California did have one seat (albeit non-voting) at the council table. Commissioner of Financial Institutions William Haraf filled the seat allocated to a “state banking supervisor, to be designated by a selection process determined by the State banking supervisors”. He was selected to serve by the Conference of State Bank Supervisors (CSBS), which is an organization for state bank regulation, representing the bank regulators of the 50 states, the District of Columbia, Guam, Puerto Rico, and the Virgin Islands. The Dodd-Frank Act also specifies that a state securities commissioner is a non-voting member of the FSOC. Unfortunately, California didn’t get that position as well.

Please see article below.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Allen Matkins | Attorney Advertising

Written by:


Allen Matkins on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.