• Precrisis, there was a longstanding assumption that banks were the only types of financial companies that could pose systemic risk.
• As you noted, during the crisis that was proved un-true. Investment banks, insurance companies, other nonbanks precipitated the economic collapse.  (p10-11)

--Jeremy C. Kress, Assistant Professor of Business Law, University of Michigan Ross School of Business

2019 0314 - GOV - FINANCIAL STABILITY OVERSIGHT COUNCIL NONBANK DESIGNATION - 123p