financial regulatory agency and provide such 
agency with at least 180 days from the receipt 
of the resolution to— 
‘‘(i) consider the risks identified in the 
resolution; and 
‘‘(ii) provide a written response to the 
Council that includes its assessment of the 
risks identified and the degree to which 
they are or could be addressed by existing 
regulation and, as appropriate, issue pro-
posed regulations or undertake other regu-
latory action to mitigate the identified 
risks; 
‘‘(C) provide the nonbank financial com-
pany with written notice that the Council— 
‘‘(i) is considering whether to make a 
proposed determination with respect to the 
nonbank financial company under sub-
section (a) or (b), as applicable, which no-
tice explains with specificity the basis for 
the Council’s consideration, including any 
aspects of the company’s operations or ac-
tivities that are a primary focus for the 
Council; or
‘‘(ii) has determined not to subject the 
company to further review, which action 
shall not preclude the Council from issuing 
a notice to the company under subpara-
graph (1)(A) at a future time; and 
‘‘(D) in the case of a notice to the nonbank 
financial company under subparagraph (C)(i), 
provide the company with— 
‘‘(i) an opportunity to meet with the 
Council to discuss the Council’s analysis; 
‘‘(ii) an opportunity to submit written 
materials, within such time as the Council 
deems appropriate (but not less than 30 
days after the date of receipt by the com-
pany of the notice described under clause 
(i)), to the Council to inform the Council’s 
consideration of the nonbank financial 
company for a proposed determination, in-
cluding materials concerning the com-
pany’s views as to whether it satisfies the 
standard for determination set forth in 
subsection (a) or (b), as applicable; 
‘‘(iii) an explanation of how any re-
quest by the Council for information from 
the nonbank financial company relates to
potential risks to the financial stability of 
the United States and the Council’s anal-
ysis of the company; 
‘‘(iv) written notice when the Council 
deems its evidentiary record regarding 
such nonbank financial company to be 
complete; and 
‘‘(v) an opportunity to meet with the 
members of the Council. 
‘‘(3) PROPOSED DETERMINATION.— 
‘‘(A) VOTING.—The Council may, by a 
vote of not fewer than 2⁄3 of the voting members 
then serving, including an affirmative vote by 
the Chairperson, propose to make a determina-
tion in accordance with the provisions of sub-
section (a) or (b), as applicable, with respect to 
a nonbank financial company. 
‘‘(B) DEADLINE FOR MAKING A PROPOSED 
DETERMINATION.—With respect to a nonbank 
financial company provided with a written no-
tice under paragraph (2)(C)(i), if the Council 
does not provide the company with the written 
notice of a proposed determination described 
under paragraph (4) within the 180-day period 
following the date on which the Council notifies
the company under paragraph (2)(C) that the 
evidentiary record is complete, the Council may 
not make such a proposed determination with 
respect to such company unless the Council re-
peats the procedures described under paragraph 
(2). 
‘‘(C) REVIEW OF ACTIONS OF PRIMARY FI-
NANCIAL REGULATORY AGENCY.—With respect 
to a nonbank financial company with a primary 
financial regulatory agency, the Council may 
not vote under subparagraph (A) to make a 
proposed determination unless— 
‘‘(i) the Council first determines that 
any proposed regulations or other regu-
latory actions taken by the primary finan-
cial regulatory agency after receipt of the 
resolution 
described 
under 
paragraph 
(2)(A) are insufficient to mitigate the risks 
identified in the resolution; 
‘‘(ii) the primary financial regulatory 
agency has notified the Council that the 
agency has no proposed regulations or 
other regulatory actions to mitigate the 
risks identified in the resolution; or
‘‘(iii) the period allowed by the Coun-
cil under paragraph (2)(B) has elapsed 
and the primary financial regulatory agen-
cy has taken no action in response to the 
resolution. 
‘‘(4) NOTICE OF PROPOSED DETERMINATION.— 
The Council shall— 
‘‘(A) provide to a nonbank financial com-
pany written notice of a proposed determination 
of the Council, including an explanation of the 
basis of the proposed determination of the 
Council, that a nonbank financial company shall 
be supervised by the Board of Governors and 
shall be subject to prudential standards in ac-
cordance with this title, an explanation of the 
specific risks to the financial stability of the 
United States presented by the nonbank finan-
cial company, and a detailed explanation of why 
existing regulations or other regulatory action 
by the company’s primary financial regulatory 
agency, if any, is insufficient to mitigate such 
risk; and 
‘‘(B) provide the primary financial regu-
latory agency of the nonbank financial company
a copy of the nonpublic written explanation of 
the Council’s proposed determination. 
‘‘(5) HEARING.— 
‘‘(A) IN
GENERAL.—Not later than 30 
days after the date of receipt of any notice of 
a proposed determination under paragraph (4), 
the nonbank financial company may request, in 
writing, an opportunity for a written or oral 
hearing before the Council to contest the pro-
posed determination, including the opportunity 
to present a plan to modify the company’s busi-
ness, structure, or operations in order to miti-
gate the risks identified in the notice, and 
which plan shall also include any steps the com-
pany expects to take during the implementation 
period to mitigate such risks. 
‘‘(B) GRANT OF HEARING.—Upon receipt 
of a timely request, the Council shall fix a time 
(not earlier than 30 days after the date of re-
ceipt of the request) and place at which such 
company may appear, personally or through 
counsel, to— 
‘‘(i) submit written materials (which 
may include a plan to modify the com-
pany’s business, structure, or operations); 
or 
‘‘(ii) provide oral testimony and oral 
argument to the members of the Council. 
‘‘(6) COUNCIL
CONSIDERATION
OF
COMPANY 
PLAN.— 
‘‘(A) IN GENERAL.—If a nonbank financial 
company submits a plan in accordance with 
paragraph (5), the Council shall, prior to mak-
ing a final determination— 
‘‘(i) consider whether the plan, if im-
plemented, would mitigate the risks identi-
fied in the notice under paragraph (4); and 
‘‘(ii) provide the nonbank financial 
company an opportunity to revise the plan 
after consultation with the Council. 
‘‘(B) VOTING.—Approval by the Council of 
a plan submitted under paragraph (5) or re-
vised under subparagraph (A)(ii) shall require a 
vote of not fewer than 2⁄3 of the voting members 
then serving, including an affirmative vote by 
the Chairperson. 
‘‘(C) 
IMPLEMENTATION
OF
APPROVED 
PLAN.—With respect to a nonbank financial 
company’s plan approved by the Council under
subparagraph (B), the company shall have one 
year to implement the plan, except that the 
Council, in its sole discretion and upon request 
from the nonbank financial company, may 
grant one or more extensions of the implemen-
tation period. 
‘‘(D) OVERSIGHT OF IMPLEMENTATION.— 
‘‘(i) PERIODIC REPORTS.—The Coun-
cil, acting through the Office of Financial 
Research, may require the submission of 
periodic reports from a nonbank financial 
company for the purpose of evaluating the 
company’s progress in implementing a plan 
approved by the Council under subpara-
graph (B). 
‘‘(ii) INSPECTIONS.—The Council may 
direct the primary financial regulatory 
agency of a nonbank financial company or 
its subsidiaries (or, if none, the Board of 
Governors) to inspect the company or its 
subsidiaries for the purpose of evaluating 
the implementation of the company’s plan. 
‘‘(E) 
AUTHORITY
TO
RESCIND
AP-
PROVAL.—
‘‘(i) IN GENERAL.—During the imple-
mentation period described under subpara-
graph (C), including any extensions grant-
ed by the Council, the Council shall retain 
the authority to rescind its approval of the 
plan if the Council finds, by a vote of not 
fewer than 2⁄3 of the voting members then 
serving, including an affirmative vote by 
the Chairperson, that the company’s imple-
mentation of the plan is no longer suffi-
cient to mitigate or prevent the risks iden-
tified in the resolution described under 
paragraph (2)(A). 
‘‘(ii) FINAL DETERMINATION VOTE.— 
The Council may proceed to a vote on final 
determination under subsection (a) or (b), 
as applicable, not earlier than 10 days 
after providing the nonbank financial com-
pany with written notice that the Council 
has rescinded the approval of the com-
pany’s plan pursuant to clause (i). 
‘‘(F) ACTIONS AFTER IMPLEMENTATION.— 
‘‘(i) EVALUATION
OF
IMPLEMENTA-
TION.—After the end of the implementa-
tion period described under subparagraph
(C), including any extensions granted by 
the Council, the Council shall consider 
whether the plan, as implemented by the 
nonbank financial company, adequately 
mitigates or prevents the risks identified in 
the resolution described under paragraph 
(2)(A). 
‘‘(ii) VOTING.—If, after performing 
an evaluation under clause (i), not fewer 
than 2⁄3 of the voting members of the 
Council then serving, including an affirma-
tive vote by the Chairperson, determine 
that the plan, as implemented, adequately 
mitigates or prevents the identified risks, 
the Council shall not make a final deter-
mination under subsection (a) or (b), as 
applicable, with respect to the nonbank fi-
nancial company and shall notify the com-
pany of the Council’s decision to take no 
further action. 
‘‘(7) FINAL COUNCIL DECISIONS.— 
‘‘(A) IN
GENERAL.—Not later than 90 
days after the date of a hearing under para-
graph (5), the Council shall notify the nonbank 
financial company of—