In March, the Senate passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, which raises Dodd-Frank’s asset threshold — above which banks face enhanced regulatory standards — from $50 billion to $250 billion.
But the $50 billion threshold for banks is not the only one of its kind under threat.
Treasury Secretary Steven Mnuchin, who heads the Financial Stability Oversight Council, said at a January hearing that he intends to raise a lesser-known $50 billion threshold if the Senate legislation is enacted. This threshold is used by the FSOC to narrow the universe of companies considered in the first stage of the council’s multistage designation process for systemically important nonbank financial companies.
The above excerpt was originally published in American Banker. Click here to view the full article.
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