Financial Stability Oversight Council 2015 – Federal Register Recent Federal Regulation Documents

On December 24, 2015, the Financial Stability Oversight Council (the Council) published a ``Notice Seeking Comment on Asset Management Products and Activities'' (the Notice), which states that comments on the Notice must be received not later than February 23, 2015. The Council has determined that an extension of the comment period until March 25, 2015, is appropriate.

The Financial Stability Oversight Council (the ``Council'') invites members of the public and affected agencies to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). The Council is soliciting comments concerning its extension of a currently approved collection of information related to its authority to determine that certain nonbank financial companies shall be subject to supervision by the Board of Governors of the Federal Reserve System (Board of Governors) and enhanced prudential standards. Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'') provides the Council the authority to determine that a nonbank financial company shall be subject to Board of Governors supervison and enhanced prudential standards if the Council determines that material financial stress at the nonbank financial company, or the nature, scope, size, scale, concentration, interconnectedness, or the mix of activities of the nonbank financial company, could pose a threat to financial stability. On April 11, 2012, the Council published in the Federal Register a final rule and interpretive guidance (77 FR 21637), 12 CFR part 1310, that describe the manner in which the Council intends to apply the statutory standards and considerations, and the processes and procedures the Council intends to follow, in making determinations under Section 113 of the Dodd-Frank Act. The Council has made final determinations regarding four nonbank financial companies. The Council uses information collected under 12 CFR 1310.20 to assess whether a nonbank financial company meets the standards for a Council determination under Section 113 of the Dodd-Frank Act. The collection of information under 12 CFR 1310.21 affords a nonbank financial company an opportunity to submit materials to contest the Council's consideration of the company for a proposed determination and to contest a proposed determination. The collection of information in 12 CFR 1310.22 provides a nonbank financial company an opportunity to contest the Council's waiver or modification of the notice or other procedural requirements contained in 12 CFR 1310.21 by requesting a hearing. The Council uses information collected under 12 CFR 1310.23 in a reevaluation of its determination regarding a nonbank financial company subject to a Council determination.