Stephen Ledbetter is the new executive director of the umbrella council of federal financial regulators that works to oversee financial stability, the group said Thursday.
In a release describing its latest meeting (on Nov. 7), the Financial Stability Oversight Council (FSOC) said it voted to approve Ledbetter as its senior staff member. Ledbetter most recently was the director of policy at FSOC.
In other business, according to the release (a “readout” or description of the meeting, which was held in secret session), the council also:
- Heard a presentation about the upcoming implementation of the Financial Accounting Standards Board’s (FASB) new expected credit losses (CECL) accounting standard. According to the readout, council members discussed the status of CECL implementation, several recently published studies regarding CECL’s potential impact on financial institutions, and the ongoing efforts of FASB and the federal banking agencies to facilitate the implementation of CECL.
- Heard another presentation about cloud service providers, including financial institutions’ use of cloud service providers, banking agencies’ authorities to oversee third-party service providers, and regulators’ current supervisory activities related to cloud service providers.