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Wednesday, July 10, 2013

FSOC Finalizes First Nonbank Financial Company SIFI Designates

The Financial Stability Oversight Council voted to designate two nonbank financial companies as systemically important as they could pose potential threats to financial stability: American International Group, Inc. and General Electric Capital Corporation, Inc. This is FSOC’s first use of its authority under Title I of the Dodd-Frank Act to subject a nonbank financial company to consolidated supervision and enhanced prudential standards.

The designation subjects the nonbank financial companies to supervision by the Federal Reserve and to enhanced prudential standards.

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