FSOC Designates AIG and GECC as Nonbank Financial Companies

FSOC Designates AIG and GECC as Nonbank Financial Companies
by Steve Quinlivan | July 9, 2013

http://dodd-frank.com/fsoc-designates-aig-and-gecc-as-nonbank-financial-companies/

FSOC has designated the following as nonbank financial companies:

American International Group, Inc
General Electric Capital Corporation, Inc
Under Section 113 of the Dodd-Frank Act, the Council is authorized to determine that a nonbank financial company’s material financial distress—or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities—could pose a threat to U.S. financial stability. Such companies will be subject to consolidated supervision by the Federal Reserve and enhanced prudential standards.

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