OFR Releases 2024 Annual Report to Congress

Contact: OFR Public Affairs

WASHINGTON - Today the Office of Financial Research (OFR) published its 2024 Annual Report to Congress, which concluded that most vulnerabilities that can impair U.S. financial stability are largely unchanged since last year. The report covers risks to financial stability for the 12 months through September 30, 2024.

“By delivering our in-depth analysis of financial-stability risks and providing high-quality monitoring tools and data, we endeavor to support the Financial Stability Oversight Council and its member agencies, policymakers, and others in mitigating vulnerabilities in our financial system,” said James Martin, Acting Director of the OFR. “The OFR continues to monitor and analyze risks to financial stability and remain agile to identify and examine emerging threats as they arise now and in the future.”

The OFR’s 2024 Annual Report to Congress is organized around the four major components of the financial system—asset markets, businesses and households, financial institutions, and money markets—and provides an analysis of the vulnerabilities that can impair the functioning of the system. Because technology is critical to the operation of each major component of the financial system, the 2024 Annual Report to Congress discusses technology vulnerabilities throughout the report. The report also identifies and discusses key data gaps related to uninsured deposits, private credit, and dealer margin practices.

In its 2024 Annual Report to Congress, the OFR highlighted its key findings regarding financial system vulnerabilities. Overall, asset market vulnerabilities remain elevated. Vulnerabilities associated with credit to businesses and households remain moderate. At some nonbank financial institutions, vulnerabilities are growing and can amplify risk at other financial institutions. In money markets, vulnerabilities are moderate.

The 2024 Annual Report to Congress also discussed several significant OFR accomplishments. The OFR published its Final Rule on non-centrally cleared bilateral repurchase (NCCBR) agreement transactions (or repo). The Final Rule establishes an ongoing data collection of certain NCCBR transactions in the U.S. repo market and requires daily reporting by certain brokers, dealers, and other financial companies with large exposures to NCCBR. In addition, the OFR launched a new Hedge Fund Monitor that makes aggregated data on hedge fund activities from public and private sources accessible to the public through an easy-to-use online tool and also via an application programming interface (API). The Hedge Fund Monitor informs the public and policymakers about significant parts of the U.S. financial system. Further, the OFR updated its Bank Systemic Risk Monitor to provide enhanced details for analyzing a bank holding company’s leverage.

Read the report.

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The OFR helps promote financial stability by looking across the financial system to measure and analyze risks, perform essential research, and collect and standardize financial data, principally to support the Financial Stability Oversight Council and its member agencies. For more information, visit us at https://www.financialresearch.gov/.