News & Analysis as of

Financial Stability Oversight Council Nonbank Firms

Venable LLP

Tinker, Tailor, Banker, FSOC Designation: New Guidance for Bank-like Regulation and Supervision of Non-Banks

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Since the 2023 spring bank failures, the federal banking agencies have tinkered with significant bank regulations and guidance—ranging from capital, bail-in measures, and resolution planning to climate-risk stress testing,...more

Troutman Pepper

FSOC Votes Unanimously to Finalize Process for Designating Nonbanks for Federal Reserve Supervision

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On November 3, the Financial Stability Oversight Council (FSOC) voted unanimously to finalize the procedures for designating a nonbank financial company for Federal Reserve supervision. FSOC’s Interpretive Guidance aims to...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - November 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

King & Spalding

FSOC and the Systemic Risk of Nonbank Companies

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In a response to the difficulties it experienced in identifying nonbank systemically important entities, the Financial Stability Oversight Council (FSOC) has proposed a new procedure for detecting and dealing with potential...more

Carlton Fields

FSOC Rescinds Prudential’s Designation As Systemically Important Financial Institution

Carlton Fields on

The Financial Stability Oversight Council (“FSOC”) announced on October 17, 2018 that it has voted unanimously to rescind the designation of Prudential Financial Inc. (“Prudential”) as a systemically important financial...more

Carlton Fields

Financial Stability Oversight Council Determines Bank Holding Company Will Not Be Treated As a Nonbank Financial Company Post...

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Following its impending merger, Zions Bankcorporation requested the Financial Stability Oversight Council not treat the bank holding company, as a nonbank financial company supervised by the Board of Governors of the Federal...more

A&O Shearman

U.S. Financial Stability Oversight Council Amends Procedures for Hearings Conducted Under the Dodd-Frank Act

A&O Shearman on

The U.S. Financial Stability Oversight Council approved certain amendments to its procedures for hearings under Titles I and VIII of the Dodd-Frank Act. The amendments add Section 117 of the Dodd-Frank Act to the scope of...more

Carlton Fields

The Judicial Rescission of MetLife’s SIFI Designation and the Possible Implications of the SIFI Process for Reinsurers

Carlton Fields on

The designation of MetLife as a systemically significant nonbank financial institution (SIFI) by the Financial Stability Oversight Council (FSOC) was recently rescinded by the United States District Court for the District of...more

Orrick - Finance 20/20

Federal District Court Rules against Designation of MetLife as a “SIFI” under Dodd-Frank Act

On March 30, the D.C. federal District Court ruled against the designation by the Financial Stability Oversight Counsel (“FSOC”) of MetLife as a “systemically important financial institution” under the Dodd-Frank Act. The...more

Morrison & Foerster LLP

Float Like a Butterfly, Sting Like a Non-SIFI: Round One Goes to MetLife

On March 30, 2016, the U.S. District Court for the District of Columbia (the “U.S. District Court”) handed down its decision regarding MetLife’s challenge to the Financial Stability Oversight Committee’s (“FSOC”) designation...more

K&L Gates LLP

Dodd-Frank Turns Five, What Comes Next?

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The 2008 credit crisis was the beginning of an era of unprecedented government management of the capital markets. July 21, 2015 marked the fifth anniversary of the hallmark congressional response, the Dodd-Frank Wall Street...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Shadow Banking and Financial Stability: Regulators Propose Framework for Nonbank Noninsurers"

On March 4, 2015, the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) issued a second consultation paper concerning the methodology they propose to use to identify nonbank...more

Carlton Fields

FSOC’s Designation of Nonbank SIFIs: More New Developments

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The end-of-year holidays failed to slow the pace of developments surrounding the Financial Stability Oversight Council’s (FSOC) process for designating nonbank Systemically Important Financial Institutions (SIFIs) for Federal...more

Dechert LLP

U.S. FSOC Proposes Qualified Financial Contract Rules and Creates a New Challenge for Large Financial Companies that are not SIFIs

Dechert LLP on

The Financial Stability Oversight Council (Council) proposed regulations (Rule) on January 7, 2015, which create a new challenge for all nonbank financial companies with assets of $50 billion or more. While the four companies...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

ECON Votes in Favor of the MIF Regulation - On January 27, the Economic and Monetary Affairs Committee ("ECON") released a press release stating that it had voted in favour of the proposed Regulation on multilateral...more

Orrick - Finance 20/20

Financial Stability Oversight Council Announces Changes to Nonbank Designations as Systemically Important

On February 4, the Financial Stability Oversight Council (Council) today announced changes to certain practices relating to its process for reviewing nonbank financial companies for potential designation. Nonbank financial...more

Orrick - Finance 20/20

Federal Reserve Board Seeks Public Comment on the Application of Enhanced Prudential Standards to General Electric Capital...

Orrick - Finance 20/20 on

On November 25, the Federal Reserve Board (the “Board”) released proposed enhanced prudential standards and reporting requirements to be applied to General Electric Capital Corporation (“GECC”) and requested public comment on...more

Dechert LLP

FSOC Criticized by Government Accountability Office, but GAO Report Misses Critical Substantive Improvements; FRB Begins to...

Dechert LLP on

The U.S. Government Accountability Office just issued a report on the Financial Stability Oversight Council's (“FSOC”) systemically important financial institution (“SIFI”) designation process, entitled “Further Actions Could...more

Goodwin

Financial Stability Oversight Council’s Annual Report Highlights Problems with Non-Bank Mortgage Servicers

Goodwin on

As required by Section 112(b)(2) of the Dodd-Frank Act, the Financial Stability Oversight Council released its 2014 Annual Report, which included, among other things, recommendations to address the risks posed by nonbank...more

Goodwin

Covered Funds Aspects of the Volcker Rule – Frequently Asked Questions

Goodwin on

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission (the "SEC") issued a final rule, and the Commodity Futures...more

Morrison & Foerster LLP

Investment Management Legal + Regulatory Update -- July 2013

In This Issue: Regulatory Updates - SEC Proposes Money Market Reform; SEC Eases Ban on General Solicitation and General Advertising in Certain Private Placements; SEC and CFTC Adopt Joint Rules to Address...more

Stinson - Corporate & Securities Law Blog

FSOC Designates AIG And GECC As Nonbank Financial Companies

FSOC has designated the following as nonbank financial companies...more

Baker Donelson

Federal Regulators Set to Name Firms as "Systemically Important"

Baker Donelson on

On June 3, several media outlets reported that the Financial Stability Oversight Council (FSOC) voted to provide notice to certain nonbank financial firms that they would be deemed "systemically important."...more

Orrick - Finance 20/20

Fed Proposal on Annual Assessments

Orrick - Finance 20/20 on

On April 15, the Fed requested comment on a proposed rule to establish an annual assessment for bank holding companies and savings and loan companies with $50 billion or greater in total consolidated assets, as well as for...more

Orrick - Finance 20/20

Fed Final Rule on Financial Supervision

On April 3, the Fed approved a final rule establishing the requirements to determine when a nonbank financial company is ‘predominantly engaged in financial activities‘ in order for the Financial Stability Oversight Council...more

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