Sec. 507. Federal Reserve study on nonbank supervision
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Not later than 180 days after the enactment of this Act, and not less than once every 2 years thereafter, the Board of Governors of the Federal Reserve System shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report regarding how the Board plans to supervise and regulate nonbank financial companies subject to a determination under subsection
(a)or
(b)of section 113 of the Financial Stability Act of 2010 ( 12 U.S.C. 5323 ) that includes, with respect to nonbank financial companies— a specific supervisory and regulatory framework, differentiating among nonbank financial companies on an individual basis or by category, taking into consideration the capital structure, riskiness, complexity (including the financial activities of any subsidiaries), size, and any other risk-related factors that the Board of Governors of the Federal Reserve System determines is appropriate; an assessment of the relevant experience and expertise of staff of the Federal Reserve System assigned to such supervision and regulation; a description of— the method for evaluating safety and soundness; the frequency of examinations; the criteria that will be examined; and coordination with Federal and State regulators, including efforts to minimize duplicative supervision and regulation, if appropriate; and an explanation of how the approach to supervision and regulation of nonbank financial companies differs from supervision and regulation of bank holding companies and member banks. This section shall terminate on the date that is 10 years after the date of enactment of this Act.
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Sec. 507
Federal Reserve study on nonbank supervision
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