Wednesday, May 29, 2013
FSOC May Designate Nonbank SIFIs Soon
A central segment of the 2010 Dodd-Frank law allows regulators to oversee large non-bank financial firms defined as systemically important financial institutions. On May 24th, the Financial Stability Oversight Council (FSOC) notified a group of nonbanks that the FSOC finished the evidence gathering phase, opening a 180 day window for a vote on whether the firm meets requirements for enhanced supervision. The vote could be as soon as next week. The council is set to meet in a closed session on June 3.