The Financial Stability Oversight Council, whose composition includes the expertise of federal financial regulators, state regulators, and an independent insurance expert, has released its latest annual report.

There’s still significant concern about the financial risks that CRE credit presents. However, given that the Biden administration has just over a month left, there are many questions about what will happen and where policies will go.

“As the Annual Report lays out, we need to continue work to ensure that banks are prepared for liquidity stress by making sure that they have diverse sources of contingency funding and the capacity to borrow at the discount window,” Secretary of the Treasury Janet Yellen said at the FSOC meeting. “This risk became more evident this year, and regulators should continue to focus on the financial industry’s ability to address it.”