• Financial Conglomerate
• Nonbank Banks
• Nonbank Financial Companies
• sechistorical.org/museum/galleries/mec/mec05b_modernization_nonbank.php

• According to the Dodd-Frank Act, nonbank financial companies are domestic companies or foreign companies that predominantly are engaged in financial activities (such as insurance companies, consumer finance providers, commercial lenders, asset managers, and investment funds) but that are not bank holding companies or certain other types of firms (such as registered securities exchanges, clearing agencies, and swap execution facilities).³
• The designations are intended to help avoid the regulatory gaps that existed before the crisis and minimize the risk of a nonbank financial company threatening the stability of the financial system.⁴
• As of September 2014, FSOC had determined that three nonbank financial companies—American International Group, Inc. (AIG), General Electric Capital Corporation, Inc. (GE Capital), and Prudential Financial, Inc. (Prudential)—should be supervised by the Federal Reserve.⁵
• Some members of Congress and others have raised questions about how and on what basis FSOC made its determinations. ⁶

2014 1120 - GAO - Financial Stability Oversight Council: Actions Could Improve the Nonbank Designation Process - GAO-15-51, Government Accountability Office - 76p