Is Navy Federal Credit Union a nonbank systemically important financial institution (SIFI)?
Dodd-Frank Act requires designated nonbank SIFIs to be supervised by the Board of Governors and subject to prudential standards.
Title I of the Dodd-Frank Act defines a “nonbank financial company” as a domestic or foreign company that is “predominantly engaged in financial activities,” other than bank holding companies and certain other types of firms.
The Financial Stability Oversight Council analyzes three factors -- size, interconnectedness, and substitutability -- when making the determination to designate a nonbank financial company as a SIFI and to subject the entity to Federal Reserve supervision.
