Bipartisan legislation has been introduced in the House to revise the criteria and procedure by which non-bank systemically-important financial institutions (SIFIs) are designated by the Financial Stability Oversight Council for FRB regulation. Firms with primary federal regulators would have the greatest protection from SIFI designation, but all non-banks under FSOC consideration would have more insight into possible designation factors, and opportunities to contest them and – were they still to be designated – seek reversal of this costly status.
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