Treasury Secretary Steven Mnuchin on Tuesday provided new details on Financial Stability Oversight Council efforts to revise its nonbank designation process.

Mnuchin, testifying before the House Financial Services Committee, indicated that the FSOC will issue a proposal on criteria for designating firms before enforcing a new methodology. He also provided comments about steps to reform the Volcker Rule, revealed work on a report dealing with the Orderly Liquidation Authority and fielded questions on housing finance reform.

The Treasury Department released a report last year with recommendations on reforming how the FSOC determines that a nonbank firm is a "systemically important financial institution," which must then follow banklike supervisory requirements.

Read more in American Banker.