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Federal Reserve Proposes Rule to Define the Nonbank Financial Companies It Could Supervise by Arnold Porter LLP - Washington Office
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February 18, 2011
Previously published on February 2011
The Board of Governors of the Federal Reserve System (Board) published for comment on February 11, 2011, a proposed rule (Proposed Rule) establishing the criteria for defining a “nonbank financial company” that could be subject to the supervision of the Board, upon the determination of the Financial Stability Oversight Council (FSOC). The Proposed Rule implements Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), which requires the FSOC to determine “nonbank financial companies” that could pose a threat to the financial stability of the United States, and subject these designated companies to supervision by the Board (Systemic Importance Determination). A nonbank financial company subject to the Board’s supervision must adhere to prudential standards, reporting, and disclosure requirements. www.arnoldporter.com
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