FSOC Proposed Rule on Nonbank Financial Company Supervision

On January 18, the Financial Stability Oversight Council proposed a rule describing the criteria to be considered in determining whether a nonbank financial company is subject to supervision by the Board of Governors of the Fed. Under the Dodd-Frank Act, the FSOC is authorized to designate nonbank financial companies for enhanced supervision by the Board of Governors. The proposed rule is based on feedback received in response to an advance notice of proposed rulemaking regarding the designation criteria issued on October 6, 2010. Comments on the proposed rule must be received within 30 days after publication in the Federal Register. Treasury Release. Proposed Rule.