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Minutes of the Financial Stability Oversight Council

Held April 20, 2015

PRESENT: 

Jacob J. Lew, Secretary of the Treasury and Chairperson of the Financial Stability Oversight 

Council (Council)

Janet Yellen, Chair, Board of Governors of the Federal Reserve System (Federal Reserve) 

Martin J. Gruenberg, Chairperson, Federal Deposit Insurance Corporation (FDIC) 

Mary Jo White, Chair, Securities and Exchange Commission (SEC) 

Timothy Massad, Chairman, Commodity Futures Trading Commission (CFTC)

Richard Cordray, Director, Consumer Financial Protection Bureau (CFPB)

Melvin Watt, Director, Federal Housing Finance Agency (FHFA)

Thomas J. Curry, Comptroller of the Currency, Office of the Comptroller of the Currency (OCC) 

Debbie Matz, Chairman, National Credit Union Administration (NCUA)

Roy Woodall, Independent Member with Insurance Expertise

Richard Berner, Director, Office of Financial Research (OFR), Department of the Treasury (nonvoting member)

Michael McRaith, Director, Federal Insurance Office, Department of the Treasury (non-voting 

member)

John P. Ducrest, Commissioner, Louisiana Office of Financial Institutions (non-voting member)

Adam Hamm, Commissioner, North Dakota Insurance Department (non-voting member)

David Massey, Deputy Securities Administrator, North Carolina Department of the Secretary of 

State, Securities Division (non-voting member) 

GUESTS: 

Department of the Treasury 

Sarah Bloom Raskin, Deputy Secretary of the Treasury 

Patrick Pinschmidt, Deputy Assistant Secretary and Executive Director of the Council

Eric Froman, Deputy Assistant General Counsel for the Council

Board of Governors of the Federal Reserve System

Daniel K. Tarullo, Governor

Nellie Liang, Director, Office of Financial Stability Policy and Research

Federal Deposit Insurance Corporation 

Jason Cave, Special Advisor to the Chairman for Supervisory Matters

Securities and Exchange Commission 

Lona Nallengara, Chief of Staff

Commodity Futures Trading Commission

Lawranne Stewart, Special Counsel
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Consumer Financial Protection Bureau

Ron Borzekowski, Deputy Assistant Director

Federal Housing Finance Agency 

Mario Ugoletti, Special Advisor to the Director

Comptroller of the Currency 

Jennifer Kelly, Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank 

Examiner

National Credit Union Administration 

John Worth, Chief Economist

Office of the Independent Member with Insurance Expertise

Chris Ledoux, Senior Advisor

Federal Reserve Bank of New York

William Dudley, President and Chief Executive Officer

Office of Financial Research

Patricia Mosser, Deputy Director for Research and Analysis

Federal Insurance Office

Steven Seitz, Acting Deputy Director (Financial Stability)

Louisiana Office of Financial Institutions

Margaret Liu, Senior Vice President, Conference of State Bank Supervisors

North Dakota Insurance Department

Mark Sagat, Counsel and Manager, Financial Policy and Legislation, National Association of

Insurance Commissioners

North Carolina Department of the Secretary of the State, Securities Division

Christopher Staley, Counsel, North American Securities Administrators Association

PRESENTERS:

2015 Annual Report

• Trent Reasons, Senior Policy Advisor, Treasury

• Daniel Beltran, Senior Economist, Federal Reserve

Executive Session 

The Deputy Secretary called the executive session of the meeting of the Council to order at 

approximately 5:33 P.M. (EDT) because the Chairperson was unable to attend the beginning of 

the meeting. In the meeting, which was conducted by telephone, members of the Council 

discussed the Council’s 2015 annual report, which was expected to be published in May.
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The Deputy Secretary introduced Trent Reasons, Senior Policy Advisor at Treasury, and Daniel 

Beltran, Senior Economist at the Federal Reserve, to present on the draft annual report. The 

presenters explained that the preparation of the annual report was nearing its final stages and that 

there had been extensive engagement with Council member agencies and staffs on the draft. 

Members of the Council then asked questions and had a discussion, including regarding the 

presentation of certain items in the draft report.

The Chairperson adjourned the meeting at approximately 5:55 P.M. (EDT).