US Regulators Ease 'Too Big to Fail' Label on Financial Companies and Plan Overhaul of Federal Home Loan Bank System
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U.S. regulators have voted to reverse rollbacks on financial companies, making it easier to impose the 'too big to fail' label on certain firms. The decision was made at a meeting of the Financial Stability Oversight Council (FSOC), chaired by Treasury Secretary Janet Yellen. The move aims to remove hurdles in designating nonbank financial companies and revises the definition of what constitutes a threat to U.S. financial stability. Nonbank financial companies have expanded rapidly and play a significant role in providing consumer and business credit. However, there are concerns about the risks posed by nonbank mortgage lenders. Critics argue that designating independent mortgage bank servicers as systemically important institutions could have a negative impact on the mortgage market and c...
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