In accordance with its authority under Title I of the Dodd-Frank Act, the Financial Stability Oversight Council (“FSOC”) designated two nonbank financial companies for consolidated supervision and enhanced prudential standards by the Federal Reserve Board of Governors. The companies are:
- American International Group, Inc. (“AIG”); and
- General Electric Capital Corporation, Inc. (“GECC”).
Lofchie Comment: It had been widely reported that Prudential also would be named as systemically significant, but that Prudential (unlike AIG and GE) intended to resist such a designation.
See: American International Group, Inc. Designation; General Electric Capital Corporation, Inc. Designation.
See also: FSOC Press Release.