Daily News: October 2, 2012

AIG Receives ‘Notice of Consideration’ from Oversight Panel

American International Group said it has received a notice that it is under consideration by the Financial Stability Oversight Council for a proposed determination that it is a systemically important financial institution under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

AIG said the notice of consideration states that it is intended to inform AIG that it will be reviewed in Stage 3 of the process described in the council’s interpretive guidance for nonbank financial company determinations and does not constitute notice of a proposed determination.

In a related article, Bloomberg reported that AIG is the first non-bank to report such notification in a process that could lead to tighter capital rules.

Bloomberg reported that the council said last week that it voted to advance “certain” non-bank financial companies to a third stage of review for possible designation as a systemically important financial institution, without publicly identifying the firms.

To read AIG’s statement, click here.

To read the Bloomberg article, click here.