The Financial Stability Oversight Council, a group of regulators under Treasury Department auspices responsible for determining if financial institutions are systemically important, has proposed releasing Zions Bancorp. from Federal Reserve oversight. In a proposed decision released on July 18, the council granted the appeal of ZB, N.A. (Zions) under section 117 of Dodd-Frank. "The Council conducted a careful analysis of Zions' business and found that there is not a significant risk that Zions could pose a threat to U.S. financial stability," said Treasury Secretary Steven Mnuchin. "In appropriate cases, the Council's use of this authority promotes regulatory efficiency and enables better service to customers and communities." If the Council makes a final decision to grant ZB's appeal, which is expected within 60 days, ZB will not be treated as a designated nonbank financial company upon completion of ZB's proposed merger with its parent bank holding company, Zions Bancorporation. The Utah-based bank, with $65.5 billion in assets, thus becomes the first financial firm to successfully petition the FSOC to avail itself of an exemption under Dodd-Frank by casting off its Fed-regulated holding company and then winning a ruling from the council that it is no longer systemically important to the US financial system.