Section 113 of the Dodd-Frank Act authorizes the Financial Stability Oversight Council (the Council) to subject a “nonbank financial company” to supervision by the Board of Governors of the Federal Reserve System (the Federal Reserve), including the Federal Reserve’s prudential standards. The definition of a nonbank financial company in the Dodd-Frank
FSOC adopts new process for nonbank supervision by the Fed
New Guidance from FSOC on how to evaluate whether a nonbank financial company could pose a threat to the financial stability of the US.