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In enacting the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank),1 Congress empowered a group of financial regulators, the Financial Stability Oversight Council (FSOC), to designate a large nonbank financial company as a systemically important financial institution (popularly known as a SIFI), a company that, if not subject to bank-like prudential regulation, may pose a risk to the nation’s financial system. Upon being designated as a SIFI, that company becomes subject to supervision by the Board of Governors of the Federal Reserve System (Federal Reserve) and potentially increased capital, liquidity and related standards. Dodd-Frank permits a SIFI to contest its designation, but that process is not widely understood. This article examines that process as well as possible grounds on which to successfully challenge a designation.

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