Open Access. Powered by Scholars. Published by Universities.®
Inc. (MetLife; Systemically Important Financial institutions (SIFI); Enhanced Regulation; U.S. Treasury Department; Fair Hearings; Evidentiary Hearing Procedures; Administrative Procedure Act; MetLife
Articles 1 - 1 of 1
Full-Text Articles in Law
Challenging Nonbank Sifi Designations: Ge, Metlife, And The Need For Reform, Drita Dokic
Challenging Nonbank Sifi Designations: Ge, Metlife, And The Need For Reform, Drita Dokic
Brooklyn Journal of Corporate, Financial & Commercial Law
The Dodd-Frank Wall Street Reform and Consumer Protection Act created, among other things, the Financial Stability Oversight Council (FSOC), an entity within the U.S. Department of the Treasury tasked with assessing and mitigating financial risk. Financial institutions with over $50 billion in assets are automatically deemed “systemically important.” However, under the Dodd-Frank Act, FSOC has the authority to designate non-bank companies engaged in financial activity as systemically important as well. Once designated as a systemically important financial institution (SIFI), these companies are subject to enhanced regulation and supervision by the Federal Reserve. Because the costs associated with such enhanced regulation …