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Washington
Senate confirms Treasury OFR director
WASHINGTON (1/3/13)--The U.S. Senate this week confirmed Richard Berner to serve a six-year term as the U.S. Treasury's first Office of Financial Research (OFR) director.

Credit Union National Association (CUNA) Deputy General Counsel Mary Dunn said CUNA plans to meet with Berner soon.

Berner was approved by a voice vote on Jan. 1. He has served as Counselor to the Secretary of the Treasury since April 2011, helping Treasury Secretary Tim Geithner set up the OFR.

The OFR was set up under the Dodd-Frank Wall Street Reform Act and is charged with helping regulators avoid any future systemic crisis by measuring risk and monitoring how the financial system is evolving.

Geithner on Wednesday said Berner has been instrumental in laying the groundwork for the OFR to support Wall Street reform, including improving financial data and serving the Financial Stability Oversight Council.

The OFR held its inaugural advisory committee meeting last month. In that initial meeting, the committee asked financial industry players how it can improve collection and analysis of financial data to detect systemic threats.
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