FSOC Revises NonBank SIFI Process
On February 4th, the Financial Stability Oversight Council (“FSOC”) voted to adopt certain changes and formalize certain practices relating to its process for reviewing nonbank financial companies for potential designation as systemically important. Under the changes, companies will be informed earlier when they come under review and will be provided additional opportunities to engage with the Council and staff; more information concerning the Council’s designation work will be made public; and designated firms will be given more opportunities to interact and present information to the Council during the annual reevaluation of designations. FSOC Press Release.
FSOC Extends Asset Management Comment Period
On February 4th, the Financial Stability Oversight Council extended to March 25, 2015, the date by which comments may be submitted regarding potential risks to U.S. financial stability from asset management products and activities. FSOC Press Release.
Enhanced Cash Reporting GTO Renewed
On February 2nd, the Financial Crimes Enforcement Network (“FinCEN”) renewed the August 11, 2014 geographic targeting order that requires enhanced cash reporting by armored car services and other common carriers of currency at the San Ysidro and Otay Mesa Ports of Entry in California. FinCEN is renewing the GTO for an additional 180 days beginning on February 8, 2015. FinCEN Notice.