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Tuesday, April 3, 2012

Fed Amends Proposal on Nonbank Firm Supervision

The Federal Reserve issued a proposed amendment to a February 2011 proposal to establish criteria for determining whether a nonbank company is “predominantly engaged in financial activities.” Under the Dodd-Frank Act’s Title I, the Financial Stability Oversight Council (FSOC) generally can designate a nonbank firm for Fed supervision only if 85% or more of its revenues or assets are related to activities that are financial in nature under the Bank Holding Company Act. The Fed is proposing to amend the proposal to clarify the specific activities that would be considered financial in nature for such purposes.
Comments are due May 25.

Read the Fed press release.
Read the proposed amendment.

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