Non-bank firms about to get tagged by regulators

http://www.upi.com/Business_News/2013/06/01/Non-bank-firms-about-to-get-tagged-by-regulators/UPI-38631370099506/#ixzz2V1MGw62X

The Dodd-Frank finance overhaul bill mandated the formation of the FSOC, which was to be comprised of representatives of all the major financial regulatory agencies. Among its responsibilities was the naming of companies so big or so deeply interwoven with the financial system that their failure would be damaging to the economy as a whole.
Those companies would be placed under central bank jurisdiction and regulated like a bank, which likely means they will have to raise capital to act as a buffer against failure in hard times and undergo regular stress tests, which the Fed uses to gauge the ability of large banks to withstand an economic downturn.
The council is expected to vote Monday on the first group of non-bank companies requiring federal monitoring. The companies will have 30 days to appeal their designations, so the FSOC will not release the company names to the public until after the appeal process runs its course, the newspaper said.