Nonbank companies “predominantly engaged” in financial activities.

CFR · 2024-01-01 · US · Title 12

(a) (1) The consolidated annual gross financial revenues of the company in either of its two most recently completed fiscal years represent 85 percent or more of the company's consolidated annual gross revenues (as determined in accordance with applicable accounting standards) in that fiscal year; (2) The consolidated total financial assets of the company as of the end of either of its two most recently completed fiscal years represent 85 percent or more of the company's consolidated total assets (as determined in accordance with applicable accounting standards) as of the end of that fiscal year; or (3) The Council, with respect to the definition of a nonbank financial company for purposes of Title I of the Dodd-Frank Act (other than with respect to the definition of a significant nonbank financial company), or the Board, with respect to the definition of a significant nonbank financial company, determines, based on all the facts and circumstances, that— (i) The consolidated annual gross financial revenues of the company represent 85 percent or more of the company's consolidated annual gross revenues; or (ii) The consolidated total financial assets of the company represent 85 percent or more of the company's consolidated total assets. (b) (1) Activities that are financial in nature; or (2) The ownership, control, or activities of an insured depository institution or any subsidiary of an insured depository institution. (c) (1) Activities that are financial in nature; or (2) Th

official document · source cfr-2024 · id 12:§ 242.3