US financial regulatory group seeks more openness

Staff Writer
Columbus CEO

WASHINGTON (AP) — A group of U.S. regulators has adopted rules intended to make its deliberations more open as it monitors threats to the financial system.

The Financial Stability Oversight Council voted Wednesday to publish an agenda for its open meetings at least seven days in advance and to release minutes of its meetings, among other things.

The council, which Congress created in the aftermath of the 2008 financial crisis, is led by Treasury Secretary Jack Lew and includes Federal Reserve Chair Janet Yellen.

A 2012 report by congressional investigators found that the council needed to improve its communications with the public.

The council's annual report released Wednesday identified nonbank mortgage servicing companies, which are more lightly regulated than banks, as one area of potential risk.