WHAT’S THE DIFFERENCE BETWEEN FINANCIAL SERVICE COMPANIES?
When I consider the FSOC’s SIFI Designation for non-banks, I'm reminded of two things – the difference between banks & insurance companies, and the joke:
“Do you know the difference between an elephant and a dozen eggs?”
“No, what’s the difference?”
SIFI DESIGNATION FOR NON-BANK FINANCIAL COMPANIES
The Financial Stability Oversight Council (FSOC) approves the non-bank financial institutions viewed as Significantly Important Financial institutions (SIFIs). SIFI Designation requires all eight regulators: OCC, FDIC, CFPB, FHFA, FRB, NCUA, CFTC & SEC, one independent member with insurance expertise, and...
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