Release Date: July 1, 2015
For release at 3:00 p.m. EDT
The Federal Reserve Board on Wednesday released its first determination of the aggregate consolidated liabilities of all financial companies in accordance with section 622 of the Dodd-Frank Act, which prohibits any financial company from combining with another company if the resulting company's liabilities exceed 10 percent of the aggregate consolidated liabilities of all financial companies.
As of December 31, 2014, aggregate financial sector liabilities was equal to $21,632,232,035,000. This number will be the measure of aggregate consolidated liabilities for the purposes of section 622 of the Dodd-Frank Act from July 1, 2015 through June 30, 2016. Aggregate financial sector liabilities generally equal the sum of the financial sector liabilities of all financial companies.
Financial companies subject to the limit include insured depository institutions, bank holding companies, savings and loan holding companies, foreign banking organizations, companies that control insured depository institutions, and nonbank financial companies designated for Board supervision by the Financial Stability Oversight Council.
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