During the meeting, the Council voted to make a proposed determination regarding a nonbank financial company under section 113 of the Dodd-Frank Act. The Council's vote was unanimous with one member voting present. Following the meeting, the Council provided the company with a detailed written explanation of the basis of the proposed determination, and the company now has 30 days to request a hearing before the Council to contest the proposed determination. After any hearing, the Council may make a final determination regarding the company. As noted in the Council's interpretive guidance, the Council does not intend to publicly announce the name of any nonbank financial company that is under evaluation before a final determination is made.
Following the Council's direction to staff at its
In addition, the Council received an update from the
Finally, the Council received a presentation on and voted to approve its fiscal year 2015 budget, and voted to approve the minutes of its previous meeting on
Additional information regarding the Council, its work, and the recently approved fiscal year 2015 budget and meeting minutes is available at www.fsoc.gov.
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