At its meeting today, the Financial Stability Oversight Council approved a final rule and interpretive guidance on the Council's authority to require supervision and regulation of certain nonbank financial companies, under the Dodd-Frank Act.

With this vote, the Council will begin a three-stage designation process, as proposed in October 2011. In Stage 1, the Council will evaluate the nonbank financial company's size, interconnectedness, leverage, and liquidity risk and maturity mismatch. A nonbank financial company would be subject to review if it meets one or more of the following thresholds:

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