On July 18, 2012, the Financial Stability Oversight Council (FSOC) issued a statement and designated eight “systemically important” financial market utilities (FMUs) that would be subject to heightened risk management standards. Chairman Matz represents the National Credit Union Administration on the FSOC, which includes the U.S. Treasury, Federal Reserve Board, and other financial regulators. However, the policies of the FSOC as currently developed do not apply to credit unions. The institutions covered are very large and significant entities that provide clearing and settlement between financial institutions, such as the Clearing House, Chicago Mercantile Exchange, and the Options Clearing Corporation. Following the designation, the Federal Reserve Board (Board) issued a statement that affirmed its policy of applying relevant international risk-management standards to its Fedwire funds and securities services. Further, the Board plans to seek comments on its Payments System Risk policy in the upcoming months. Credit Union National Association (CUNA) is monitoring the activities of the FSOC to ensure rules developed for the very largest institutions are not imposed in some form on credit unions. CUNA continues to participate on the Financial Services Sector Coordinating Council (FSSCC) to represent credit union interests relating to security and safety from sector wide risks.