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September 19, 2013

Fed Supervision of Nonbanks Still Up in Air

Federal Reserve Board Chairman Ben Bernanke on Wednesday avoided giving specifics on how the central bank will oversee a growing list of nonbank financial companies deemed systemically risky.

Bernanke reiterated that regulators want to examine each firm on a case by case basis in order to determine the best approach to supervision.

“‘We want to use the word “tailoring,” because we want to design a regime that is appropriate for the business model of the particular firm,’ said Bernanke, in a press conference following a two-day Federal Open Market Committee meeting.

American International Group Inc. and GE Capital have already been named by the Financial Stability Oversight Council as systemically important. But other nonbank companies, including Prudential Financial Inc. and MetLife Inc., are likely to be among the next firms that will be supervised by the Fed soon.”

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Read full American Banker article here

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